UPDATE: urban-gro Inc. (UGRO) Prices 5.4M Share Common Offering at $10/Sh; Announces Nasdaq Listing

(Updated - February 18, 2021 7:47 AM EST)

urban-gro, Inc. (NASDAQ: UGRO) today announced the pricing of an underwritten public offering of 5,400,000 shares of the Company’s common stock at a public offering price of $10 per share for aggregate gross proceeds of $54,000,000 prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 810,000 shares of common stock at the public offering price less the underwriting discounts and commissions. The offering is expected to close on February 17, 2021, subject to satisfaction of customary closing conditions.

The Company has received approval to list its common stock on the Nasdaq Capital Market under the symbol “UGRO” and is expected to begin trading on February 12, 2021.

The Company intends to use the net proceeds to support organic growth, to expand in the European CEA market, for general corporate purposes, including to fund potential future investments and acquisitions of companies that the Company believes will complement its business and growth strategy and to repay certain outstanding indebtedness.

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the offering.

The Securities and Exchange Commission ("SEC") declared effective a registration statement on Form S-1 relating to these securities on February 11, 2021 and an additional registration statement on Form S-1 relating to the offering will be filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, which will become automatically effective upon filing.

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