Grom (NASDAQ: GROM) recently closed its previously announced underwritten public offering of 946,000 units, each at a price to the public of $3.00, and 54,000 pre-funded units, each at a price to the public of $2.999, for aggregate gross proceeds of approximately $3.0 million. In addition, the company granted the underwriters a 45-day option to purchase up to an additional 150,000 shares of common stock and/or pre-funded warrants to purchase up to 150,000 shares of common stock and/or Series A warrants to purchase up to 150,000 shares of common stock and/or Series B warrants to purchase up to 150,000 shares of common stock, solely to cover over-allotments, if any, less underwriting discounts and commissions. On Sept. 8, 2023, the underwriters exercised the option to purchase an additional 150,000 Series A warrants and 150,000 Series B warrants. Grom intends to use the net proceeds from the offering for working capital and general corporate purposes. EF Hutton, division of Benchmark Investments, LLC, acted as sole book running manager for the offering. Lucosky Brookman LLP acted as legal counsel to the company, and Carmel, Milazzo & Feil LLP acted as legal counsel to EF Hutton.
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About Grom Social Enterprises Inc.
Grom is an emerging social media platform and original content provider of entertainment for children under 13, which provides safe and secure digital environments for kids that can be monitored by their 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 lets them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens, and Curiosity Ink Media, a global media company that develops, acquires, builds, grows, and maximizes the short-, mid- and long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. The company also 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 also includes Grom Educational Services, which provides web filtering for K-12 schools, government and private businesses. For more information, please visit https://gromsocial.com or for investor relations, please visit http://investors.gromsocial.com.
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