Mobiquity Technologies, Inc. Announces Pricing of $3.75 Million Public Offering
February 14 2023 - 9:00AM
Mobiquity Technologies, Inc. (NASDAQ: MOBQ) (the “Company”), a
provider of next-generation data intelligence and advertising
technologies, announced today an underwritten public offering of
securities for gross proceeds of approximately $3.75 million, prior
to deducting underwriting discounts and commissions and offering
expenses payable by the Company and excluding any exercise of the
underwriters’ option to purchase any additional securities as
described herein. The proceeds from the offering will enable
Mobiquity Technologies to expand its product offerings and enhance
its Artificial Intelligence (AI) technology.
The public offering is comprised of 8,064,517 shares of common
stock and/or pre-funded warrants in lieu of shares, plus Series
2023 Warrants to purchase 12,096,776 shares of common stock, priced
at a public offering price of $0.465 per combination of one share
of common stock or pre-funded warrant, and one Series 2023 Warrant.
The pre-funded warrants are issuable to purchasers in lieu of
shares of common stock that would otherwise result in such
purchaser’s beneficial ownership exceeding 4.99% (or, at the
election of the purchaser, 9.99%) of our outstanding common stock,
if any such purchaser so chooses.
Each pre-funded warrant is exercisable at any time to purchase
one share of common stock at an exercise price of $0.0001 per
share. Each Series 2023 Warrant is exercisable for five years to
purchase 1.5 shares of common stock at an exercise price of $0.465
per 1.5 shares. The Series 2023 Warrants also have an alternative
cashless exercise permitting the holder to acquire 0.75 shares for
each 1.5 shares any time after the earlier of (i) 30 days following
the date of the underwriting agreement, and (ii) the date on which
the aggregate trading volume of the Company's common stock
beginning on the initial exercise date of the Series 2023 Warrants
exceeds 36,290,322 shares.
In addition, the Company has granted the underwriters a 45-day
option to purchase up to an additional 1,209,678 shares and/or
pre-funded warrants in lieu of shares, and Series 2023 Warrants to
purchase 1,814,517 shares at the public offering price less the
underwriting discounts and commissions. The offering is expected to
close on or about February 16, 2023, subject to satisfaction of
customary closing conditions.
Spartan Capital Securities, LLC is acting as bookrunner for this
offering. Ruskin Moscou Faltischek P.C. represented the Company and
Manatt, Phelps & Phillips, LLP represented Spartan Capital
Securities, LLC.
The Securities and Exchange Commission (“SEC”) declared
effective a registration statement on Form S-1 relating to these
securities on February 13, 2023. A final prospectus relating to
this offering will be filed with the SEC. The offering is being
made only by means of a prospectus, copies of which may be
obtained, when available, from: Spartan Capital Securities, LLC, 45
Broadway, New York, NY 10006, at (212) 293-0123.
About Mobiquity Technologies
Mobiquity Technologies, Inc. is a next-gen,
Platform-as-a-Service (PaaS) company for data and advertising. The
Company maintains one of the largest audience databases available
to advertisers and marketers through its subsidiaries. Mobiquity
Technologies’ current platforms; Advangelists
(www.advangelists.com) and MobiExchange (www.mobiexchange.com)
provide programmatic advertising technologies, data insights on
consumer behavior, automated ad copy and omni-channel delivery
options. For more information, please
visit: https://mobiquitytechnologies.com
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement. In some cases, forward-looking statements can be
identified by words or phrases such as "may," "will," "expect,"
"anticipate," "target," "aim," "estimate," "intend," "plan,"
"believe," "potential," "continue," "is/are likely to" or other
similar expressions. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the SEC. All information provided in this press
release is as of the date of this press release, and the Company
does not undertake any duty to update such information, except as
required under applicable law.
Mobiquity Technologies, Inc. Investor
Relations:
Columbia Marketing GroupEmail:
john@TheColumbiaMarketingGroup.comPhone: 646-736-1900
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