MINNEAPOLIS, May 12, 2022 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (the “Company” or iMedia Brands) (NASDAQ:IMBI) today announced the pricing of a registered direct offering of (i) 4,038,281 shares of its common stock, at an offering price of $3.07 per share, (ii) pre-funded warrants to purchase 3,763,022 shares of its common stock at an offering price of $3.0699 per pre-funded warrant, which represents the per share offering price of its common stock less the $0.0001 per share exercise price for each pre-funded warrant and (iii) warrants to purchase 7,801,303 shares of its common stock, with a per share exercise price of $2.94, which are only exercisable upon receipt of stockholder approval of an increase in the authorized shares of its common stock, which the Company will seek at its upcoming 2022 annual meeting, and which are exercisable for the earlier of (a) five years from the date of receiving such shareholder approval and (b) six years from the date of warrant issuance. The initial closing of the offering is expected to occur on or about May 16, 2022, subject to customary closing conditions, with subsequent closings to occur within 180 days of the receipt of stockholder approval of the increase in authorized shares.
iMedia Brands Announces Pricing of $24.0 Million Registered Direct Offering
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