MDJM LTD (MDJH) Announces $2.45 Million Private Placement

MDJM LTD (Nasdaq: MDJH) (the "Company" or "MDJM"), an integrated global culture-driven asset management company, today announced that it has entered into a securities purchase agreement with institutional investors to raise approximately $2.45 million in aggregate proceeds, before deducting fees to the placement agent and other offering expenses payable by the Company. The closing of the private placement is expected to occur on September 12, 2024, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement.

In connection with the private placement, the Company will issue an aggregate of 2,722,224 units. The purchase price per unit is $0.90. Each unit will consist of one ordinary share, one Series A warrant, each exercisable into one ordinary share at an exercise price of $1.35 per ordinary share, which exercise price is subject to standard adjustments for dividends, splits and similar events and is also subject to adjustment for certain dilutive issuances, and upon reset on a Reset Date (as defined in the Series B Warrant), and one Series B warrant with an exercise price of $0.001 per ordinary share to purchase such amount of ordinary shares as will be determined on the Reset Date (as defined in the Series B Warrant). The Series A and Series B warrants will be exercisable upon issuance and will have a term of three and one half years from the date of issuance. The number of securities issued under the units is subject to adjustment as described in more detail in the Report on Form 6-K to be filed in connection with the private placement.

Maxim Group LLC is acting as the sole placement agent for the offering.

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