Avct announces $10 million registered direct offering and concurrent private placement priced at-the-market under nasdaq rules

Atlanta, oct. 18, 2022 (globe newswire) -- american virtual cloud technologies, inc. (the “company”) (nasdaq: avct), today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of 5,000,000 shares of its common stock (the “shares”), pursuant to a registered direct offering priced at-the-market under nasdaq rules (the “offering”), and warrants to purchase up to 10,000,000 shares (the “warrants”), in a concurrent private placement (the “private placement”). the combined purchase price for one share and one warrant will be $2.00. the warrants will have an exercise price of $1.80 per share, will be exercisable 45-days following the date of issuance and will expire two years from the initial exercise date.
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