Dbgi announces exercise of warrants for $3.2 million in gross proceeds

Austin, tx, may 03, 2024 (globe newswire) -- digital brands group, inc. (“we”, “us”, “dbg” or the “company”) (nasdaq: dbgi), a curated collection of luxury lifestyle, digital-first brands, today announced the entry into a definitive agreement for the immediate exercise in cash of certain outstanding warrants to purchase an aggregate of 1,027,750 shares of the company's common stock at a reduced exercise price of $3.13 per share. the exercised warrants are comprised of series a and series b warrants originally issued by the company on september 5, 2023, each having an exercise price of $9.43 per share. the series a warrants have a term of five and one-half years and the series b warrants have a term of fifteen months. the shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on form s-1 (file no. 333-274563). the closing of the warrant exercise transaction is expected to occur on or about may 7, 2024, subject to satisfaction of customary closing conditions.
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