Asset Entities Completes $3 Million Series A Convertible Preferred Stock Transaction Receiving Additional Gross Proceeds of $1.5 Million
July 30 2024 - 8:00AM
Asset Entities Inc. (“Asset Entities” or “the
Company”) (NASDAQ: ASST), a provider of digital marketing
and content delivery services across Discord and other social media
platforms, and a Ternary Payment Platform company, today
announced it has completed the second closing of its financing
transaction involving the sale of shares of the Company’s newly
designated Series A Convertible Preferred Stock, $0.0001 par
value per share, for gross proceeds of $1.5 million, from an
institutional investor, for a total of $3.0 million from sales of
the Series A Preferred Stock to the investor.
This is the second closing of a transaction with
the institutional investor. The first closing was held on May 24,
2024 in which the Company received gross proceeds of $1.5 million.
Today’s second closing brings the total gross proceeds to $3.0
million.
The shares of Series A Preferred Stock have an
initial stated value of $10,000 per share, and are convertible into
shares of the Company’s Class B Common Stock, $0.0001 par value per
share, at an initial conversion price of $3.75, subject to
alternate conversion prices which are at variable rates, and
subject to other terms and conditions, as previously reported in
current reports on Form 8-K filed by the Company with the
Securities and Exchange Commission.
Other details of the financing are contained in
a current report on Form 8-K of the Company filed on or about the
date hereof and available at www.sec.gov.
“We are very excited about this transaction and
believe it will provide us with adequate capital for general
corporate purposes and to continue our overall strategies,
including potential acquisitions, in the Discord and social media
space,” said Arshia Sarkhani, President and Chief Executive
Officer.
About Asset Entities, Inc.
Asset Entities Inc. is a technology company
providing social media marketing, management, and content delivery
across Discord, TikTok, Instagram, X (formerly Twitter), YouTube,
and other social media platforms. Asset Entities is believed to be
the first publicly traded Company based on the Discord platform,
where it hosts some of Discord's largest social community-based
education and entertainment servers. The Company's AE.360.DDM suite
of services is believed to be the first of its kind for the Design,
Development, and Management of Discord community servers. Asset
Entities' initial AE.360.DDM customers have included businesses and
celebrities. The Company also has its Ternary payment platform that
is a Stripe-verified partner and CRM for Discord communities. The
Company's Social Influencer Network (SiN) service offers
white-label marketing, content creation, content management, TikTok
promotions, and TikTok consulting to clients in all industries and
markets. The Company's SiN influencers can increase the social
media reach of client Discord servers and drives traffic to their
businesses. Learn more at assetentities.com,
and follow the Company on X at $ASST and @assetentities.
Important Cautions Regarding
Forward-Looking Statements
This press release contains forward-looking
statements. In addition, from time to time, representatives of the
Company may make forward-looking statements orally or in writing.
These forward-looking statements are based on expectations and
projections about future events, which are derived from
the information currently available to the Company. Such
forward-looking statements relate to future events or the Company’s
future performance, including its financial performance and
projections, growth in revenue and earnings, and business prospects
and opportunities. Forward-looking statements can be identified by
those statements that are not historical in nature, particularly
those that use terminology such as “may,” “should,” “expects,”
“anticipates,” “contemplates,” “estimates,” “believes,” “plans,”
“projected,” “predicts,” “potential,” or “hopes” or the negative of
these or similar terms. In evaluating these forward-looking
statements, you should consider various factors including those
that are described in the section titled “Risk Factors” in the
Company’s periodic reports which are filed with the Securities and
Exchange Commission. These and other factors may cause the
Company’s actual results to differ materially from any
forward-looking statement. Forward-looking statements are only
predictions. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company does not undertake any responsibility to update the
forward-looking statements in this release, except in accordance
with applicable law.
Company Contacts:
Arshia Sarkhani, President and Chief Executive OfficerMichael
Gaubert, Executive ChairmanAsset Entities Inc.Tel +1 (214)
459-3117 Email Contact
Investor Contact:Skyline Corporate Communications Group,
LLCScott Powell, President1177 Avenue of the Americas, 5th FloorNew
York, NY 10036Office: (646) 893-5835Email:
info@skylineccg.com
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