Grom Social Enterprises, Inc. Announces Closing of $5.0 Million Public Offering

BOCA RATON, Fla., Dec. 13, 2022 (GLOBE NEWSWIRE) — Grom Social Enterprises, Inc. (NASDAQ:GROM; GROMW) (the “Company”), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology and safe social media for kids, today closed its previously announced underwritten public offering of 1,415,682 units (the “Units”) at a price to the public of $2.89 per Unit and 314,422 pre-funded units (the “Pre-Funded Units”) at a price to the public of $2.889 per Pre-Funded Unit for aggregate gross proceeds of approximately $5.0 million, prior to deducting underwriting discounts, commissions, and other estimated offering expenses. Each Unit consisted of one share of common stock and two warrants, each to purchase one share of common stock for $2.89 per share immediately until the fifth anniversary of the issuance date. Each Pre-Funded Unit consisted of one pre-funded warrant and two warrants identical to the warrants included in the Units. The pre-funded warrants are exercisable for one share of common stock for $0.001 per share immediately until all of the pre-funded warrants are exercised.

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