CloudCommerce, Inc. (CLWD), a leading provider of digital advertising solutions, today announced that it has entered into a securities purchase agreement with an institutional investor for the purchase of 142,857,143 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase 142,857,143 shares of common stock in a registered direct offering.
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The purchase price for one share of common stock (or common stock equivalent) and one warrant to purchase one share of common stock is $0.07. The warrants have an exercise price of $0.07 per share, will be immediately exercisable and will expire five years from the issue date. The offering is expected to close on or about February 23, 2021, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds from the offering are expected to be approximately $10 million. The Company intends to use the net proceeds from the offering to accelerate the development of SWARM, its AI-enabled platform designed to eliminate waste in digital advertising, as well as for working capital and general corporate purposes.
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The securities described above are being offered pursuant to a “shelf” registration statement (File No. 333-252358) filed with the Securities and Exchange Commission (SEC) on January 22, 2021 and declared effective on February 16, 2021. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
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