PLANO, Texas, Jan.
20, 2021 /PRNewswire/ -- Dogness (International)
Corporation ("Dogness" or the "Company") (NASDAQ: DOGZ), a
developer and manufacturer of a comprehensive line of
Dogness-branded, OEM and private label pet products, today
announced that it closed a previously announced offering with
institutional investors, raising approximately $7.4 million in gross proceeds from the sale of
3,455,130 common shares at a price of $2.15 and Class A warrants to purchase an
aggregate of 1,727,565 common shares, before deducting placement
agent fees and other standard offering expenses. The Company
also issued a warrant to purchase 276,410 common shares to the
placement agent. The Class A and placement agent warrants are
exercisable at $2.70 per share.
The Company plans to use the net proceeds from the offering for
working capital and general business purposes, as it continues to
focus on the growth of its business enhancing pet lifestyles
through an expanding portfolio of traditional and smart tech
products.
FT Global Capital, Inc. acted as the exclusive placement agent
in connection with the offering.
These securities were sold through a prospectus supplement
pursuant to the Company's effective shelf registration statement
and base prospectus contained therein. A shelf registration
statement relating to these securities was filed with and declared
effective by the Securities and Exchange Commission (the "SEC"). A
prospectus supplement related to the offering will be filed with
the SEC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities, in any state or other 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 other jurisdiction. For further information
regarding this transaction, please see the Form 6-K filed with the
SEC at www.sec.gov.
About Dogness
Dogness (International) Corporation was founded in 2003 from the
belief that pet dogs and cats are important, well-loved family
members. Through its smart products, hygiene products, health and
wellness products, and leash products, Dogness is able to simplify
pet lifestyles, make them more scientific, and enhance the
relationship between pets and pet caregivers. The Company ensures
industry-leading quality through its fully integrated vertical
supply chain and world-class research and development capabilities,
which has resulted in over 200 patents and patents pending.
Dogness products reach families worldwide through global chain
stores and distributors. For more information, please visit:
ir.dogness.com.
Forward Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase or sell any security. Such an offer can only
be made in accordance with the Securities Act of 1933, as amended,
and applicable state securities laws. Certain statements in this
press release concerning our future growth prospects are
forward-looking statements regarding our future business
expectations intended to qualify for the "safe harbor" under the
Private Securities Litigation Reform Act of 1995, which involve a
number of risks and uncertainties that could cause actual results
to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include,
but are not limited to, risks and uncertainties regarding lingering
effects of the Covid-19 pandemic on our customers' businesses and
end purchasers' disposable income, our ability to raise capital on
any particular terms, fulfillment of customer orders, fluctuations
in earnings, fluctuations in foreign exchange rates, our ability to
manage growth, our ability to realize revenue from expanded
operation and acquired assets in China and the U.S., our ability to attract and
retain highly skilled professionals, client concentration, industry
segment concentration, reduced demand for technology in our key
focus areas, our ability to successfully complete and integrate
potential acquisitions, and unauthorized use of our intellectual
property and general economic conditions affecting our industry.
Additional risks that could affect our future operating results are
more fully described in our United States Securities and
Exchange Commission filings. These filings are available at
www.sec.gov. Dogness may, from time to time, make additional
written and oral forward-looking statements, including statements
contained in the Company's filings with the Securities and Exchange
Commission and our reports to shareholders. In addition, please
note that any forward-looking statements contained herein are based
on assumptions that we believe to be reasonable as of the date of
this press release. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
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SOURCE Dogness International Corporation