SRM Entertainment (SRM) Announces $5 Million Private Placement

SRM Entertainment, Inc. (Nasdaq: SRM) (“SRM” or the “Company”), a leading provider of creative and high-quality licensed media-themed merchandise, announces today that it has entered into a securities purchase agreement with an institutional investor for a private investment in public equity (“PIPE”) financing that is expected to result in gross proceeds to the Company of approximately $5 million, before deducting placement agent fees and offering expenses.

The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 5,000 shares of its Series A Convertible Preferred Stock, convertible into an aggregate of 10 million shares of common stock at a conversion price of $0.50 per share, and warrants, each having the right to purchase one share of common stock, to acquire up to an aggregate of 10 million shares of common stock, subject to beneficial ownership limitations. The purchase price for one share of Series A Convertible Preferred Stock and one warrant was $1,000. The warrants to be issued at the closing of the offering are exercisable immediately upon issuance at an exercise price of $0.65 per share and will expire two years from the date of issuance.

Dominari Securities LLC acted as the sole placement agent for the PIPE financing.

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