Kaival brands announces pricing of $6.0 million public offering

Grant-valkaria, fla., june 21, 2024 (globe newswire) -- kaival brands innovations group, inc., (nasdaq: kavl) (“kaival brands”, the “company”), the exclusive u.s. distributor of all products manufactured by bidi vapor, llc ("bidi vapor"), today announced the pricing of a public offering of 3,921,500 units at a public offering price of $1.53 per unit (the “offering”). each unit consists of one share of common stock (or one pre-funded warrant to purchase one share of common stock in lieu thereof) and one and one-half common warrants to purchase one and one-half shares of common stock. the common warrants will have an exercise price of $1.53 per share, are exercisable immediately and will expire five years following the date of issuance. gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, are expected to be approximately $6.0 million.
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