iMedia Brands Announces Pricing of $43.5 Million Public Offering of Common Stock
June 10 2021 - 6:00AM
iMedia Brands, Inc. (NASDAQ: IMBI) today announced the pricing of
an underwritten public offering of 4,830,918 shares of its common
stock, at a public offering price of $9.00 per share. In addition,
iMedia Brands has granted the underwriter a 30-day option to
purchase up to an additional 724,638 shares of common stock at the
public offering price. All of the securities in the offering are
being sold by iMedia Brands. The offering is expected to close on
or about June 14, 2021, subject to customary closing conditions.
The gross proceeds to iMedia Brands from this
offering are expected to be approximately $43.5 million, before
deducting the underwriting discount and estimated offering expenses
payable by iMedia Brands, but excluding any exercise of the
underwriter’s option to purchase additional shares of common stock.
iMedia Brands intends to use the net proceeds from the offering for
working capital and general corporate purposes, including potential
acquisitions of businesses and assets that are complementary to its
operations.
B. Riley Securities, Inc. and Craig-Hallum
Capital Group LLC are acting as joint book-running managers for the
offering, D.A. Davidson & Co. is acting as a co-manager of the
offering, and Lake Street Capital Markets, LLC is acting as a
financial advisor for the offering.
A shelf registration statement on Form S-3 (File
No. 333-239857) relating to the offering of the shares of
common stock described above was filed with the Securities and
Exchange Commission (the “SEC”) on July 14, 2020 and declared
effective by the SEC on July 27, 2020. The shares may be offered
only by means of a prospectus. A preliminary prospectus supplement
and accompanying prospectus relating to and describing the terms of
the offering was filed with the SEC on June 9, 2021. A final
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering will be filed with the SEC and
made available on the SEC’s website at www.sec.gov. Copies of the
final prospectus supplement and accompanying prospectus relating to
the offering may also be obtained, when available, by contacting B.
Riley Securities, Inc., 1300 North 17th Street, Suite 1300,
Arlington, Virginia 22209, email: prospectuses@brileyfin.com,
telephone: (800) 903-3268, 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 iMedia
Brands, Inc.
iMedia Brands, Inc. and its subsidiaries is
a leading interactive media company that owns a growing portfolio
of lifestyle television networks, consumer brands, online
marketplaces and media commerce services that together position the
Company as a leading single-source partner to television
advertisers and consumer brands seeking to entertain and transact
with customers using interactive video.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This press release contains certain
“forward-looking statements.” Any statements contained herein that
are not statements of historical fact, including statements
regarding the public offering and the anticipated use of net
proceeds, are forward-looking. The Company often uses words such as
anticipates, believes, estimates, expects, intends, seeks,
predicts, hopes, should, plans, will and similar expressions to
identify forward-looking statements. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from the expectations contained herein due to various
important factors, including (but not limited to), risks and
uncertainties associated with market conditions and the timing,
size and completion of this offering and the risks identified under
Item 1A (Risk Factors) in the Company’s most recently filed Form
10-K and any additional risk factors identified in its periodic
reports since the date of such Form 10-K. Investors are cautioned
not to place undue reliance on forward-looking statements, which
speak only as of the date of this announcement. The Company is
under no obligation (and expressly disclaims any such obligation)
to update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.
Contacts:
Investors: Gateway Investor
Relations Cody Slach IMBI@gatewayir.com (949) 574-3860
Media: press@iMediabrands.com
(800) 938-9707
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