Kaival Brands Innovations Group Inc. (NASDAQ: KAVL), the exclusive U.S. distributor of BIDI® Stick and global distributor of VEEBA® through Philip Morris Products SA (NYSE: PM), announced a major milestone on June 24. The company successfully closed a public offering of 39,215,000 units at $1.53 each, raising approximately $6 million in capital.
KAVL's stock surged 10.74% to $1.34 on Tuesday, with an additional 10.45% gain in the pre-market session.
Each unit consists of one share of Kaival Brands’ common stock and one and a half common warrants. Each warrant allows the holder to purchase one and a half shares of common stock at an exercise price of $1.53 per share, immediately exercisable, and expiring in five years. The offering generated gross proceeds of approximately $6 million before deducting placement agent fees and other expenses. Maxim Group LLC acted as the sole placement agent. Kaival Brands Innovations Group Inc. announced that the proceeds will be used for general working capital and corporate purposes.
Additionally, the funds will be used to finance current operations and support the company's business expansion. Kaival Brands Innovations Group filed a registration statement on Form S-1 for the sale of these securities, which was declared effective by the United States Securities and Exchange Commission on June 21, 2024.
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