Skip to main content

InvestorNewsBreaks – Grom Social Enterprises Inc. (NASDAQ: GROM) Enters into $3M Private Placement

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.

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent.

As part of its service, InvestorWire provides coverage of noteworthy announcements. To further expand visibility of achievements being made throughout a multitude of sectors, InvestorWire’s syndication partners have extended the digital coverage to include individual broadcasts on financial websites and platforms visited by millions of investors daily.

For more information, please visit https://www.investorwire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
Editor@InvestorWire.com

InvestorWire is part of the InvestorBrandNetwork.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.