Fluent, Inc. announced it has entered into definitive agreements for a registered direct offering and a concurrent private placement, expected to generate approximately $8.0 million in net proceeds. The registered direct offering involves the sale of 2,483,586 shares of common stock at $2.3152 per share, yielding approximately $5.3 million in net proceeds.
Concurrently, a private placement will issue unregistered pre-funded warrants to purchase up to 1,187,802 shares of common stock at $2.3147 per warrant, with expected net proceeds of approximately $2.7 million. The exercisability of these pre-funded warrants is subject to stockholder approval. The closings for these offerings are anticipated around December 3, 2024, for the registered direct offering and within two business days for the private placement.
The company intends to allocate the net proceeds from these offerings towards general corporate purposes, including capital expenditures, working capital, and general and administrative expenses. This capital raise is a critical step in supporting Fluent's ongoing operations and strategic pivot towards Commerce Media Solutions.
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