Lucosky Brookman Successfully Represents Grom Social Enterprises, Inc. in $3 Million Private Placement
Lucosky Brookman LLP congratulates its client, Grom Social Enterprises, Inc. (NASDAQ: GROM) (the “Company”), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology and safe social media for kids, for closing a private placement transaction with a single institutional investor and raising gross proceeds of approximately $3.0 million. The Company issues 1,327,434 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase 2,323,010 shares of common stock. Each share of common stock (or pre-funded warrant in lieu thereof) was sold together with accompanying warrants at a combined effective purchase price of $2.26 priced at-the-market under Nasdaq rules. The pre-funded units were sold at the same price less the pre-funded warrant exercise price of $0.01. The warrants will be immediately exercisable from the date of issuance at an initial exercise price of $2.26 per share, subject to adjustments as set forth therein, and will expire five years from the date of issuance.
Lucosky Brookman LLP acted as a counsel to the Company, while EF Hutton, division of Benchmark Investments, LLC, acted as exclusive placement agent for the offering.