2023-01-25 10:45:00

Grom Social Enterprises, Inc. Announces Pricing of $3.0 Million Private Placement Priced At-the-Market Per Nasdaq Rules

Logo GlobeNewswire

BOCA RATON, Fla., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc. (NASDAQ: GROM; GROMW) (Grom or the Company), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology and safe social media for kids, today announced that it has entered into a securities purchase agreement with a single institutional investor to raise gross proceeds of approximately $3.0 million through the private placement of 1,327,434 shares of common stock (or pre-funded warrants in lieu thereof), and warrants to purchase 2,323,010 shares of common stock. Each share of common stock (or pre-funded warrant in lieu thereof) is being sold together with accompanying warrants at a combined effective purchase price of $2.26 priced at-the-market under Nasdaq rules. The pre-funded units will be sold at the same price less the pre-funded warrant exercise price of $0.01. The warrants will be immediately exercisable from the date of issuance at an initial exercise price of $2.26 per share, subject to adjustments as set forth therein, and will expire five years from the date of issuance. The closing of the private placement is expected to occur on January 27, 2023, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement.

The Company intends to use the net proceeds from the private placement for general working capital and administrative purposes.

EF Hutton, division of Benchmark Investments, LLC, is acting as exclusive placement agent for the offering.

The shares of common stock, pre-funded warrants, and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the SEC) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares issuable upon exercise of the pre-funded warrants and warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Grom Social Enterprises, Inc.

Grom Social Enterprises, Inc. (NASDAQ: GROM) is a growing social media platform and original content provider of entertainment for children under 13 years of age, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, let them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens. The Company owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. The company owns an 80% stake in Curiosity Ink Media, which is a global media company that develops, acquires, builds, grows and maximizes the short, mid, and long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. Grom also includes Grom Educational Services, which has provided web filtering services for K-12 schools, government and private businesses. For more information, please visit the Companys website at gromsocial.com or for investor relations information, please visit investors.gromsocial.com.

Safe Harbor Statement

This press release may contain forward-looking statements about Grom Social Enterprises, Inc. activities that are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods, and other risks set forth in the Companys filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to general stock market conditions. We have incurred and will continue to incur significant expenses in the expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long-term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

Investor Relations Contact:
Brooks Hamilton
MZ Group MZ North America
(949) 546-6326

Media Contact:
Grom Social Enterprises, Inc.
(844) 704-6744

Continue read on globenewswire.com

Logo PR Newswire
NEW YORK, Jan. 24, 2023 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for GROM, INBS, PYPD, CBAY, and DPRO.

Logo PR Newswire
HealthPress Release2023-01-25 03:40:00
GERMANTOWN, Md., Jan. 24, 2023 /PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN) today announced the pricing of an underwritten public offering of 42,857,143...

Logo PR Newswire
HealthPress Release2023-01-24 21:05:00
GERMANTOWN, Md., Jan. 24, 2023 /PRNewswire/ -- Precigen, Inc. (Nasdaq: PGEN) today announced it has commenced an underwritten public offering of $75.0...

Logo GlobeNewswire
TechnologyPress Release2023-01-24 14:15:00
NEWPORT BEACH, Calif. and LEHI, Utah, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (NASDAQ: VERB) ("VERB" or the "Company"), the leader in...

Logo PR Newswire
TechnologyPress Release2023-01-24 15:00:00
MINNEAPOLIS, Jan. 24, 2023 /PRNewswire/ -- Genuine Marketing Group Inc. (OTC: GMGZ) announces the commencement of its 15-million-dollar capital raise and the...

Logo PR Newswire
TechnologyPress Release2023-01-24 14:05:00
The company also adds Steve Sovik as CRO; Dorit Bruner as CFO; Gilad Bojack as VP of Product and names Greg Tennyson to advisory board SAN FRANCISCO, Jan....

Logo GlobeNewswire
Reaffirms Fiscal 2022 Outlook DELAWARE, Ohio, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (Franchise Group, FRG or the Company)...

Logo PR Newswire
Tribes' new offering combines social wallet and group chat to unlock power of co-ownership and collective action within Web3 environment SAN FRANCISCO, Jan....

Logo GlobeNewswire
SciencePress Release2023-01-25 02:19:00
SOUTH SAN FRANCISCO, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc.(Nasdaq: PLRX), a clinical stage biotechnology company focused on...

Logo Benzinga
Business / FinanceBy Business Wire2023-01-24 18:30:00
GVTC is creating exceptional subscriber experiences by launching the Arlo Secure Revenue EDGE managed service in a matter of weeks with the help of the Calix...

Logo GlobeNewswire
SciencePress Release2023-01-24 12:00:00
EMERYVILLE, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company that aims to develop the...

Logo PR Newswire
Invests $40.0 Million in Gamber - Johnson, LLC to Support Acquisition HOUSTON, Jan. 24, 2023 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("...

Logo PR Newswire
MILWAUKEE, Jan. 24, 2023 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) announced that its board of directors declared a quarterly cash dividend of...

Logo Benzinga
Business / FinanceBy Globe Newswire2023-01-23 21:31:31

Logo GlobeNewswire
RIVERSIDE, Calif., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Provident Financial Holdings, Inc. (Company), NASDAQ GS: PROV, the holding company for Provident Savings...

Logo Benzinga
Business / FinanceBy Vandana Singh2023-01-24 13:05:05
General Electric Co GE reported Q4 FY22 adjusted revenues of $21 billion, +11% organically, and GAAP total revenues of $21.8 billion, against the consensus...

Logo Benzinga
Business / FinanceBy Business Wire2023-01-24 11:16:00
American Strategic Investment Co. NYC ("NYC" or the "Company") announced today that it commenced an offering of shares of its Class A common stock, par value...

Logo Nasdaq
Business / FinanceBy Bnk Invest2023-01-24 15:28:44
In early trading on Tuesday, shares of Salesforce topped the list of the day's best performing Dow Jones Industrial Average components, trading up 0.9%. Year...

Logo NewsFileCorp
Press Release2023-01-24 20:03:00
Vancouver, British Columbia--(Newsfile Corp. - January 24, 2023) - Founders Metals Inc. (TSXV: FDR) (the " Company "). The Company is pleased to announce...

Logo Nasdaq
TechnologyBy Zacks2023-01-24 14:11:00
For Immediate Release Chicago, IL January 24, 2023 Today, Zacks Equity Research discusses Live Nation Entertainment, Inc. LYV, Royal Caribbean Cruises Ltd....