Kaival Brands (NASDAQ: KAVL), the exclusive global distributor of products manufactured by Bidi Vapor LLC, has closed its previously announced underwritten public offering of 4,700,000 shares of its common stock and accompanying warrants to purchase up to 3,525,000 shares of common stock. According to the update, Kaival Brands secured approximately $8.0 million in gross proceeds with each share of common stock sold together with 0.75 warrants at a combined public offering price of $1.70. The warrants are exercisable immediately at a price of $1.90 per share and will expire five years following the date of issuance. Kaival Brands has additionally granted the underwriters a 45-day option to purchase up to an additional 705,000 shares of common stock and/or warrants to purchase 528,750 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount, of which Maxim Group LLC has exercised its option to purchase an additional 528,750 warrants. The company offered all of the shares of common stock and warrants, and Maxim Group LLC acted as sole book-running manager for the offering.
To view the full press release, visit https://ibn.fm/G7GG5
About Kaival Brands Innovations Group Inc.
Based in Grant, Florida, Kaival Brands is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets. The company’s vision is to develop internally, acquire, own, or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation. Kaival Brands is the exclusive global distributor of all products manufactured by Bidi (R) Vapor LLC. For more information about the company, visit www.KaivalBrands.com.
NOTE TO INVESTORS: The latest news and updates relating to KAVL are available in the company’s newsroom at http://ibn.fm/KAVL
About InvestorWire
InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.
With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.
Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer
InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.InvestorWire.com
Editor@InvestorWire.com
InvestorWire is part of the InvestorBrandNetwork.
