DBGI Announces Exercise of Warrants for $3.2 Million in Gross Proceeds
Austin, TX, May 03, 2024 (GLOBE NEWSWIRE) — Digital Brands Group, Inc. (“we”, “us”, “DBG” or the “Company”) (NASDAQ:DBGI), a curated collection of luxury lifestyle, digital-first brands, today announced the entry into a definitive agreement for the immediate exercise in cash of certain outstanding warrants to purchase an aggregate of 1,027,750 shares of the Company’s common stock at a reduced exercise price of $3.13 per share. The exercised warrants are comprised of Series A and Series B warrants originally issued by the Company on September 5, 2023, each having an exercise price of $9.43 per share. The Series A warrants have a term of five and one-half years and the Series B warrants have a term of fifteen months. The shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form S-1 (File No. 333-274563). The closing of the warrant exercise transaction is expected to occur on or about May 7, 2024, subject to satisfaction of customary closing conditions.