Digital Brands Group, Inc. announces a public offering price of $10 million

Austin, Texas, November 29, 2022 /PRNewswire/ — Digital Brands Group, Inc . (“Digital Brands” or the “Company”) (Nasdaq: DBGI), a curated collection of digital-first luxury lifestyle brands, today announced the pricing of a public offering of up to 168,000 shares of its common stock (or pre-funded warrants in lieu thereof), Class B Warrants to purchase up to 1,818,182 shares of its common stock (“Class B Warrants”) and Class C Warrants to purchase up to 1,818,182 of shares of its common stock (the “Class C Warrants”, together with the Class B Warrants, collectively the “Warrants”), at a public offering price of $5.50 per share (or pre-funded warrant in lieu thereof) and the associated warrants. The Class B Warrants will have an exercise price of $5.25 per share, are exercisable immediately upon issuance and will expire five years from the date of issuance. The Class C Warrants will have an exercise price of $5.25 per share, are exercisable immediately upon issuance and will expire thirteen months after the date of issuance. Closing of the offering is expected to occur on or about December 1, 2022subject to the satisfaction of customary closing conditions.

HC Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be approximately 10 million dollars, before deducting placement agent fees and other offering expenses paid by the Company. The Company intends to use the net proceeds of this offering to fund a portion of the cash purchase price of its miscellaneous acquisition, to repay outstanding promissory notes, to pay under a settlement agreement with the former owners of H&J, and the remaining balance for general corporate purposes.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-268213) initially filed with the Securities and Exchange Commission (“SEC”) on November 7, 2022 and became effective on November 29, 2022. The public offering is made only by means of a prospectus, which is part of the effective registration statement. When available, electronic copies of the final prospectus may be obtained free of charge from the SEC’s website located at and may also be obtained by contacting HC Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor. , New York, NY 10022, by phone at (212) 856-5711 or by email at [email protected]man.

This press release will not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor will there be any sale of such securities in any state or other jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Digital Brands Group

Digital Brands Group is a curated collection of lifestyle brands including Bailey 44, DSTLD, Harper and Jones, Stateside and ACE Studios, which offers a variety of apparel products through direct-to-consumer and wholesale distribution. Our portfolio of complementary brands gives us the unique opportunity to cross-merchandise our brands. We aim for our customers to wear our brands from head to toe and capture what we call the ‘closet cohort’ by gaining insight into their preferences to create targeted and personalized content specific to their cohort. Operating our brands under one portfolio gives us the ability to better utilize our technology capital, human capital and operational capabilities across all brands. As a result, we have been able to achieve operational efficiencies and continue to identify additional cost savings opportunities to expand our brands and overall portfolio.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements, including, without limitation, the Company’s ability to complete the public offering, the satisfaction of the closing conditions of the public offering and the use of the proceeds thereof. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe that these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements as a result of various important factors, as well as market and other conditions and those risks discussed more fully in the section entitled “Risk Factors” in the Company’s most recent Annual Report on Form 10-K, as well as discussions of potential risks, uncertainties and other important factors in the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements and, except as required by law, the Company undertakes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future information. events or otherwise.

Contact investor:

Digital Brands Group, Inc. Contact company
Hill DavisCEO
E-mail: [email protected]
Phone: (800) 593-1047

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SOURCE Digital Brands Group, Inc.

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