Synergy CHC Corp. (Nasdaq: SNYR), a leading consumer health and wellness company, today announced the closing of an underwritten public offering of 1,750,000 shares of common stock at a public offering price of $2.50 per share for aggregate gross proceeds of $4.375 million prior to deducting underwriting discounts and commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 262,500 shares at the public offering price less the underwriting discounts and commissions.
In addition, the Company issued to the underwriter warrants to purchase up to 52,500 shares of common stock (or 60,375 if the over-allotment is exercised), exercisable beginning 180 days from the closing of the offering. The warrants will expire in tranches: twenty-five percent (25%) on the third anniversary of the closing date of the offering, twenty-five percent (25%) on the fourth anniversary of such closing date, and the remaining fifty percent (50%) on the fifth anniversary of such closing date.
Bancroft Capital, LLC acted as the sole book-running manager for the offering. Bancroft was represented by Lucosky Brookman LLP. Synergy was represented by Nelson Mullins Riley & Scarborough LLP
