Inuvo Closes $8.0 Million Common Stock Offering
January 19 2021 - 12:00PM
Inuvo, Inc. (NYSE American: INUV), a leading provider of
marketing technology, powered by artificial intelligence that
serves brands and agencies, today announced the closing of its
previously announced registered direct offering for total gross
proceeds of $8.0 million before deducting placement agent fees and
other estimated offering expenses.
Inuvo sold 13,333,334 shares of its common stock,
par value $0.001 per share, at a price of $0.60 per share.
Inuvo expects to use the net proceeds from this
offering for working capital and other general corporate
purposes.
A.G.P./Alliance Global Partners acted as sole
placement agent for the offering.
The shares were offered pursuant to an effective
shelf registration statement on Form S-3 (File No. 333-239147)
previously filed with and declared effective by the U.S. Securities
and Exchange Commission (the “SEC”). A prospectus supplement
relating to the offering was filed with the SEC on January 15,
2021. Electronic copies of the prospectus supplement, together with
the accompanying prospectus, can be obtained at the SEC’s website
at www.sec.gov or from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, New York 10022 or by email at
prospectus@allianceg.com. The offering of shares of common
stock was made only by means of a prospectus supplement that forms
a part of the registration statement.
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About InuvoInuvo®, Inc. (NYSE
American: INUV) is a market leader in artificial intelligence,
aligning and delivering consumer-oriented product & brand
messaging strategies online based on powerful, anonymous and
proprietary consumer intent data for agencies, advertisers and
partners. To learn more, visit www.inuvo.com.
Safe Harbor / Forward-Looking
Statements
This press release includes certain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to
qualify for the “safe harbor” from liability established by the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact are forward-looking
statements. Forward-looking statements include, without limitation,
statements about the expected closing of the offering; anticipated
gross proceeds from the offering; and other risks and uncertainties
detailed in Inuvo, Inc.’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2019, Inuvo’s subsequent Quarterly Reports
on Form 10-Q for the periods ended March 31, 2020, June 30, 2020,
and September 30, 2020 and our other filings with the SEC.
Additionally, forward looking statements are subject to certain
risks, trends, and uncertainties including the continued impact of
Covid-19 on Inuvo’s business and operations. Inuvo cannot provide
assurances that the assumptions upon which these forward-looking
statements are based will prove to have been correct. Should one of
these risks materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expressed
or implied in any forward-looking statements, and investors are
cautioned not to place undue reliance on these forward-looking
statements, which are current only as of this date. Inuvo does not
intend to update or revise any forward-looking statements made
herein or any other forward looking statements as a result of new
information, future events or otherwise. Inuvo further expressly
disclaims any written or oral statements made by a third party
regarding the subject matter of this press release.
Inuvo Company Contact: Wally
Ruiz Chief Financial Officer Tel (501)
205-8397 wallace.ruiz@inuvo.com
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