Aterian Announces Closing of $20 Million Registered Direct Offering
October 04 2022 - 4:30PM
Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today
announced the closing of its previously announced registered direct
offering of 10,643,034 shares of its common stock and accompanying
warrants to purchase 10,643,034 shares of its common stock.
The offering included participation from the
Company’s Co-Founder and Chief Executive Officer, Yaniv Sarig;
Chief Financial Officer, Arturo Rodriguez; Chief Legal Officer and
Global Head of M&A, Joe Risico; and Chief Technology Officer,
Roi Zahut.
The net proceeds to the Company from this
offering are expected to be approximately $19.9 million, after
deducting estimated offering expenses payable by the Company.
Aterian currently intends to use the net proceeds from the offering
for working capital purposes, the conduct of its business and other
general corporate purposes, which may include acquisitions,
investments in or licenses of complementary products, technologies
or businesses.
Craig-Hallum Capital Group LLC acted as
exclusive placement agent for the registered direct offering.
The offering of the securities described above
was made pursuant to a shelf registration statement on Form S-3
(File No. 333-239614) previously filed with the Securities and
Exchange Commission (the “SEC”) on July 1, 2020 and declared
effective by the SEC on July 8, 2020. The offering of the
securities was made by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. The final prospectus supplement and the accompanying
prospectus relating to and describing the terms of the offering
were filed with the SEC on October 4, 2022 and are available on the
SEC’s website at www.sec.gov or by contacting Craig-Hallum Capital
Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN
55402, Attn: Equity Capital Markets, by telephone at (612) 334-6300
or by e-mail at prospectus@chlm.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any of these
securities, nor will there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale is not permitted.
About Aterian, Inc.Aterian,
Inc. (Nasdaq: ATER) is a leading technology-enabled consumer
product platform that builds, acquires, and partners with
best-in-class e-commerce brands by harnessing proprietary software
and an agile supply chain to create top selling consumer products.
The Company’s cloud-based platform, Artificial Intelligence
Marketplace Ecommerce Engine (AIMEE™), leverages machine learning,
natural language processing and data analytics to streamline the
management of products at scale across the world's largest online
marketplaces with a focus on Amazon, Shopify and Walmart. Aterian
has thousands of SKUs across its many owned and operated brands and
sells products in multiple categories, including home and kitchen
appliances, health and wellness, beauty and consumer
electronics.
Forward-Looking StatementsAll
statements other than statements of historical facts included in
this press release that address activities, events or developments
that we expect, believe or anticipate will or may occur in the
future are forward-looking statements including, in particular, the
statements regarding the amount and anticipated use of the proceeds
from the registered direct offering. These forward-looking
statements are based on management’s current expectations and
beliefs and are subject to a number of risks and uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond our control and could cause actual results to
differ materially and adversely from those described in the
forward-looking statements. These risks include, but are not
limited to, those related to risks in completing proposed M&A
transactions and realizing the anticipated benefits of such
transactions; the global shipping disruptions, our ability to
continue as a going concern, our ability to meet financial
covenants with our lenders, our ability to create operating
leverage and efficiency when integrating companies that we acquire
or have acquired, including through the use of our team’s
expertise, the economies of scale of our supply chain and
automation driven by our platform; those related to our ability to
grow internationally and through the launch of products under our
brands and the acquisition of additional brands; those related to
the impact of COVID-19 and the war in the Ukraine, including its
impact on consumer demand, our cash flows, financial condition and
revenue growth rate; our supply chain including sourcing,
manufacturing, warehousing and fulfillment; our ability to manage
expenses, working capital and capital expenditures efficiently; our
business model and our technology platform; the impact of
intangible assets, such as goodwill, and other impairments;
disruptions to the Company’s information technology systems,
including but not limited to potential or actual security breaches
of systems protecting consumer and employee information or other
types of cybercrimes or cybersecurity attacks; our ability to
disrupt the consumer products industry; our ability to maintain and
grow market share in existing and new product categories; our
ability to generate profitability and stockholder value;
international tariffs and trade measures; inventory management,
product liability claims, recalls or other safety and regulatory
concerns; reliance on third party online marketplaces; seasonal and
quarterly variations in our revenue and expenses; acquisitions of
other companies and technologies and our ability to successfully
integrate such companies and technologies with our business, our
ability to continue to access debt and equity capital (including on
terms advantageous to the Company) and the extent of our leverage
and other factors discussed in the “Risk Factors” section of our
most recent periodic reports filed with the Securities and Exchange
Commission (“SEC”), all of which you may obtain for free on the
SEC’s website at www.sec.gov.
Although we believe that the expectations
reflected in our forward-looking statements are reasonable, we do
not know whether our expectations will prove correct. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, even if
subsequently made available by us on our website or otherwise. We
do not undertake any obligation to update, amend or clarify these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws
Investor Contact:
Ilya Grozovsky Vice President of Investor
Relations & Corp. DevelopmentAterian,
Inc.ilya@aterian.io917-905-1699
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