MusclePharm Announces Private Placement of $2.5 Million Senior Secured Notes

LAS VEGAS, June 06, 2022 (GLOBE NEWSWIRE) -- MusclePharm Corporation (“MusclePharm” or the “Company”) (OTCPINK:MSLP), a global provider of leading sports nutrition and lifestyle branded nutritional supplements, today announced that it has entered into a definitive agreement with certain institutional and accredited investors pursuant to which the Company has increased its October 2021 offering to provide for the issuance and sale of an additional Senior Secured Notes and warrants (the “Offering”). The definitive agreements provide for the issuance and sale of an additional $3,081,875 in principal amount of 20% Original Issue Discount Senior Secured Notes (the “Notes”), resulting in gross proceeds to the Company of approximately $2,465,500. The Notes will be due six months from the issuance date. In addition, the Company has agreed to issue the investors five-year warrants to purchase up to 22,013,393 shares of the Company’s common stock which warrants will be exercisable immediately at an exercise price of $0.2310 per share. The private placement is expected to close on or about June 8, 2022, subject to the satisfaction of customary closing conditions.