Logiq Announces Closing of US$4 Million Financing

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By STS News Desk On Aug 9, 2021

Logiq Expects Q4 2022 DataLogiq Revenue to Exceed $7.5 Million, up 83% sequentially and 9% Over the Same Year-ago Quarter

Logiq, Inc., a global provider of award-winning e-commerce and fintech solutions, announced the closing of a public offering, raising gross proceeds of approximately US$4.0 (C$5.0) million before deducting offering expenses. In connection with the offering, Logiq entered into a Stock Purchase Agreement (the “Purchase Agreement”) with certain investors (the “Purchasers”), pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Offering”), 1,668,042 shares (the “Shares”) of the Company’s common stock, par value US$0.0001 per share (the “Common Stock”), to the Purchasers at an offering price of US$2.40 (C$3.00) per share. The price for the Registered Offering was reserved with the NEO Exchange on July 16, 2021.

Separately, the Company issued warrants to purchase up to 1,668,042 shares of Common Stock (the “Warrants”). Each Warrant is a cash warrant and is exercisable at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of US$2.85 (C$3.56) per share (subject to a contractual 8% discount for one holder). The Warrants were not registered under the Registered Offering.

The Shares were offered by the Company pursuant to a prospectus supplement filed on August 6, 2021 to the Company’s effective shelf registration statement on Form S-3 (Registration No. 333-248069), which was initially filed with the Securities and Exchange Commission (the “Commission”) on August 17, 2020, and was declared effective on August 26, 2020. Logiq intends to use the net proceeds from the offering for working capital and general corporate purposes.

In addition to its previously announced Canadian initial public offering which raised C$5.9 million, Logiq has raised in excess of US$10 million under its shelf registration statement in the US in the past 12 months.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction

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