Grom Social Enterprises (NASDAQ: GROM), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology and safe social media for kids, announced it has entered into securities purchase agreement. The agreement is with a single institutional investor and is estimated to raise some $3 million in gross proceeds; the funds will be raised through the private placement of more than 1.3 million shares of common stock (or prefunded warrants in lieu thereof) as well as warrants to purchase 2,323,010 shares of common stock. According to the announcement, each share of common stock (or prefunded warrant) will be sold with accompanying warrants; the combined effective purchase price of each share will be $2.26 with the prefunded units being sold at the same price less the prefunded warrant exercise price of $0.01. The company also noted that the warrants will be immediately exercisable from the date of issuance at an initial exercise price of $2.26 per share; those warrants are set to expire five years from the date of issuance. The company anticipates using the funds from the private placement for administrative and general working capital purposes. Exclusive placement agent for the offering is EF Hutton, division of Benchmark Investments LLC.
To view the full press release, visit https://ibn.fm/a0b6o
About Grom Social Enterprises Inc.
Grom Social Enterprises 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 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 and 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 and 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.
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