Inuvo Announces Pricing of $4 Million Registered Direct Offering of Common Stock
May 25 2023 - 8:30AM
Inuvo, Inc. (NYSE American: INUV) (the "Company" or "Inuvo"),
provider of the first generative artificial intelligence (AI)
advertising solution made specifically for brands and agencies,
today announced it has entered into securities purchase agreements
with institutional and accredited investors for the purchase and
sale of 16,000,000 shares of its common stock at a purchase price
of $0.25 per share, pursuant to a registered direct offering. The
gross proceeds of the offering are expected to be approximately $4
million before deducting placement agent fees and other estimated
offering expenses. The closing of the registered direct offering is
expected to take place on or about May 30, 2023, subject to the
satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners is acting as
sole placement agent for the offering.
This offering was made pursuant to an effective
shelf registration statement on Form S-3 (File No. 333-253018)
previously filed with and declared effective by the U.S. Securities
and Exchange Commission (the “SEC”). 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. A prospectus
supplement relating to the shares of common stock will be filed by
Inuvo with the SEC. When available, 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.
About Inuvo
Inuvo®, Inc. (NYSE American: INUV) is a market
leader in Artificial Intelligence built for advertising. Its
IntentKey AI solution is a first-of-its-kind proprietary and
patented technology capable of identifying and actioning to the
reasons why consumers are interested in products, services, or
brands, not who those consumers are. 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’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, Inuvo’s subsequent Quarterly Report on
Form 10-Q for the period ended March 31, 2023, and our other
filings with the SEC. Additionally, forward looking statements are
subject to certain risks, trends, and uncertainties. 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
Investor Relations: David Waldman /
Natalya RudmanCrescendo Communications, LLCTel: (212)
671-1020inuv@crescendo-ir.com
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