Digital Brands Group, Inc. (NASDAQ: DBGI) entered into a securities purchase agreement with an institutional investor providing for a $3.0 million financing through the issuance of an unsecured convertible promissory note. The note was issued with a 15% original issue discount, resulting in an aggregate principal amount of approximately $3.53 million, and is convertible into shares of the Company’s common stock, subject to its terms. The Company intends to use the proceeds for working capital, repayment of certain liabilities, and other general corporate purposes. Aegis Capital Corp. acted as the sole placement agent for the financing on a best-efforts basis.
Lucosky Brookman LLP served as counsel to Digital Brands Group, Inc. in connection with the transaction.
