American Rebel Holdings Announces Pricing of $3.0 Million Private Placement Priced At-the-Market Per Nasdaq Rules
2023-06-28 05:15 PT - News Release
Nashville, TN, June 28, 2023 (GLOBE NEWSWIRE) -- American Rebel Holdings, Inc. (NASDAQ: AREB) (NASDAQ: AREBW) (the “Company,” "American Rebel,” “we,” “our” or “us”), a designer, manufacturer and marketer of branded safes and personal security, and self-defense products, today announced that it has entered into a securities purchase agreement with a single institutional investor to raise approximately $3.0 million through the private placement of 686,499 shares of common stock (or pre-funded warrants in lieu thereof), and warrants to purchase 686,499 shares of common stock. Each share of common stock (or pre-funded warrant in lieu thereof) is being sold together with accompanying warrants at a combined effective purchase price of $4.37. The warrants will be immediately exercisable from the date of issuance at an initial exercise price of $4.24 per share, subject to adjustments as set forth therein, and will expire five years from the date of issuance. The closing of the private placement is expected to occur on June 30, 2023, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement.
The Company intends to use the net proceeds from the private placement primarily for general working capital and administrative purposes.