BOCA RATON, July 15, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Grom Social Enterprises, Inc. (NASDAQ: GROM) (“Grom”, the “Company”), a social media platform and original content provider for children at The 13-year-old announced today that the lead managers of the previously completed public offering had exercised the remainder of their over-allotment option to purchase an additional 361,445 shares. The 45-day over-allotment option was granted in connection with the company’s previously announced public offering of 2,409,639 units at a public offering price of $ 4.15 per unit. After the greenshoe option was fully exercised, the total number of units sold by the company under the offering increased to 2,711,084 units, resulting in total gross proceeds of approximately $ 11.5 million before the deduction of subscription discounts, commissions, and other costs . Each unit issued under the Offering consisted of one common share and a warrant to purchase one common share. Each warrant is exercisable for one common share at an exercise price of $ 4.565 per share and expires five years after issue.
EF Hutton, division of Benchmark Investments, LLC, acted as sole book running manager and Revere Securities LLC acted as co-managers for the offering.
The Securities and Exchange Commission (“SEC”) made a registration statement on Form S-1 (File Number 333-253154) effective June 16, 2021 with respect to these securities. A final prospectus relating to this offer was filed with the SEC on June 21, 2021. The offer was made in the form of a prospectus only, copies of which, if available, can be obtained from EF Hutton, division of Benchmark Investments LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department or email [email protected] or call (212) 404-7002.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor will any sale of such securities be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful registration or qualification under the securities laws of such state or jurisdiction.
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. is a social media platform and original content provider for entertainment for children under the age of 13; Providing safe digital environments for children that can be monitored by their parents or guardians. The company has several operating subsidiaries, including Grom Social, which delivers its content via mobile and desktop environments (web portal and apps) that keep children entertained, interact with friends, access relevant messages and play proprietary games while they teach them how to be a good digital citizen. The company owns and operates Top Draw Animation, Inc., which produces award-winning animation content for some of the largest international media companies in the world. The company also includes Grom Educational Services, who have provided web filtering services to K-12 schools, government agencies, and private businesses. Visit gromsocial.com for more information.
This press release may contain forward-looking statements about the activities of Grom Social Enterprises Inc. that are based on current expectations, projections and assumptions that involve risks and uncertainties that could cause actual results and results to differ materially from those anticipated or anticipated . including statements regarding the amount and timing of anticipated earnings, statements relating to our financial performance, anticipated earnings, dividends, and future growth for upcoming quarterly and yearly periods, and other risks set forth in the company’s filings with the SEC, 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 or contemplated in the forward-looking statements due to a number of factors. Many factors including but not limited to general stock market conditions, among other things, may prevent the Company from growing or achieving profitability. We have made, and will continue to do, significant spending expanding our service lines as we are not certain that we will generate enough revenue in the short and long term to offset these costs. All forward-looking statements speak only as of the date of this press release. We assume no obligation to update any forward-looking statements or other information contained herein. Shareholders and potential investors should not place undue reliance on these forward-looking statements. While we believe that our plans, intentions and expectations reflected or suggested in the forward-looking statements in this press release are appropriate, we cannot assure shareholders and potential investors that such plans, intentions or expectations will be met. Except to the extent required by law, we assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in the events, conditions, circumstances or assumptions underlying these statements, or for any other reason.
Investor Relations Contact: