DALLAS, Feb. 26, 2015 /PRNewswire/ -- CVSL Inc. [NYSE
MKT: CVSL] ("CVSL" or the "Company") today announced the
pricing of an underwritten public offering of 6,667,000 shares of
common stock and warrants to purchase up to an aggregate of
6,667,000 shares of its common stock at a combined offering price
of $3.00. The warrants will
have a per share exercise price of $3.75, are exercisable immediately and will
expire five years from the date of issuance. The gross proceeds to
CVSL from this offering are expected to be approximately
$20,000,000 before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by the Company. The Company has granted the
representative of the underwriters a 45-day option to purchase up
to an aggregate of 1,000,050 additional shares of its common stock
and/or 1,000,050 additional warrants to cover over-allotments, if
any. The Company intends to use the net proceeds from this offering
for the acquisition of other businesses that it believes are
synergistic with its current businesses, including up to
$5,515,731 to acquire Kleeneze
Limited, and for general working capital purposes, including
ongoing operations, expansion of the business and further research
and development. The offering is expected to close on or about
March 4, 2015, subject to customary
closing conditions.
Aegis Capital Corp. is acting as sole book-running manager for
the offering.
Feltl and Company is acting as lead co-manager.
This offering is being made pursuant to a shelf registration
statement that the Company previously filed with the Securities and
Exchange Commission (the "SEC") and which became effective on
January 15, 2015. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering were filed with the SEC, and a final prospectus supplement
and accompanying base prospectus will be filed with the SEC.
Electronic copies of the preliminary prospectus supplement and,
when available, electronic copies of the final prospectus
supplement and accompanying prospectus relating to this offering
may be obtained from the SEC's website at www.sec.gov or from Aegis
Capital Corp., 810 7th Avenue, 18th Floor, New York, NY 10019 or via telephone at
212-813-1010 or email: prospectus@aegiscap.com.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the Company's securities. No
offer, solicitation or sale will be made in any jurisdiction in
which such offer, solicitation or sale is unlawful.
Further information regarding the offering is contained in the
Company's Current Report on Form 8-K to be filed with the SEC and
which may be accessed at www.sec.gov.
About CVSL Inc.
CVSL is a growing group of micro-enterprise companies that
connect social media networks into an ever-expanding virtual
"community" of social commerce. CVSL companies currently include
The Longaberger Company, a 42-year old maker of hand-crafted
baskets and other home décor items; Your Inspiration At
Home, an award-winning maker of hand-crafted spices and other
gourmet food items from around the world; Project Home, a
direct seller of Tomboy Tools, a line of tools designed for women
as well as home security systems; Agel Enterprises, a global
seller of nutritional products in gel form as well as a skin care
line sold under the Ageless brand, operating in 40
countries; Paperly, which offers a line of custom stationery
and other personalized products; My Secret Kitchen, a
U.K.-based seller of gourmet food products; and Uppercase
Living, which offers an extensive line of customizable vinyl
expressions for display on walls in the home. CVSL and Kleeneze
Limited, an entity which offers a variety of household
goods in the United Kingdom and
Ireland, have recently signed a
definitive purchase agreement, which is subject to customary
closing conditions.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect management's current
expectations, as of the date of this press release, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of
CVSL's business strategy, including with respect to CVSL's
acquisition of synergistic businesses and CVSL's ability to
successfully integrate any acquired business and continue to grow
its business. CVSL's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors including its ability to successfully integrate
acquired companies, its ability to consummate pending acquisitions
and its ability to generate revenue. Factors that could cause
future results to materially differ from the recent results or
those projected in forward-looking statements include the "Risk
Factors" described in the Company's filings with the Securities and
Exchange Commission.
CVSL Contact: Russell
Mack (rmack@cvsl.us.com)
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SOURCE CVSL Inc.