SRM Entertainment, Inc. announced on December 5, 2024, that it entered into a securities purchase agreement for a registered direct offering. The company will sell approximately $1.7 million shares of its common stock, or common stock equivalents, to an institutional investor.
The purchase price for these securities is $0.7385 per share. The gross proceeds to SRM from this offering are estimated to be approximately $1.7 million, before deducting placement agent fees and other estimated offering expenses.
The offering is expected to close on or about December 6, 2024, subject to customary closing conditions. D. Boral Capital LLC is acting as the exclusive placement agent for the offering.
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