urban-gro Announces Pricing of $54 Million Public Offering and Nasdaq Listing
February 11 2021 - 8:25PM
urban-gro, Inc. (NASDAQ: UGRO) (“urban-gro” or the “Company”),
a leading global horticulture company that engineers and designs
commercial Controlled Environment Agriculture (“CEA”) facilities
and integrates complex environmental equipment systems into these
high-performance facilities, today announced the pricing of an
underwritten public offering of 5,400,000 shares of the Company’s
common stock at a public offering price of $10 per share for
aggregate gross proceeds of $54,000,000 prior to deducting
underwriting discounts, commissions, and other offering expenses.
In addition, the Company has granted the underwriters a 45-day
option to purchase up to an additional 810,000 shares of common
stock at the public offering price less the underwriting discounts
and commissions. The offering is expected to close on February 17,
2021, subject to satisfaction of customary closing conditions.
The Company has received approval to list its
common stock on the Nasdaq Capital Market under the symbol “UGRO”
and is expected to begin trading on February 12, 2021.
The Company intends to use the net proceeds to
support organic growth, to expand in the European CEA market, for
general corporate purposes, including to fund potential future
investments and acquisitions of companies that the Company believes
will complement its business and growth strategy and to repay
certain outstanding indebtedness.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as sole book-running manager for the
offering.
The Securities and Exchange Commission ("SEC")
declared effective a registration statement on Form S-1 relating to
these securities on February 11, 2021 and an additional
registration statement on Form S-1 relating to the offering will be
filed pursuant to Rule 462(b) under the Securities Act of 1933, as
amended, which will become automatically effective upon filing. A
final prospectus relating to this offering will be filed with the
Securities and Exchange Commission. The offering is being made only
by means of a prospectus. Copies of the final prospectus relating
to the offering may be obtained, when available, by contacting
ThinkEquity, 17 State Street, 22nd Floor, New York, NY 10004,
telephone (877) 436-3673, email: prospectus@think-equity.com.
Investors may also obtain these documents at no cost by visiting
the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, 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.
About urban-gro, Inc.urban-gro,
Inc. is a leading engineering design and services company focused
on the commercial horticulture market. We engineer and design
commercial Controlled Environment Agriculture (“CEA”) facilities
and then integrate complex environmental equipment systems into
these high-performance facilities. Operating in the global
market, our custom-tailored approach to design, procurement, and
equipment integration provides a single point of accountability
across all aspects of growing operations. Visit www.urban-gro.com
to learn more.Safe Harbor StatementThis press
release contains 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. When
used in this release, terms such as “believes,” “estimates,”
“should,” “could,” “would,” “plans,” “expects,” “intends,”
“anticipates,” “may,” “forecasts,” “projects” and similar
expressions and variations as they relate to the Company or its
management are intended to identify forward-looking statements.
Such forward-looking statements are based on current expectations,
forecasts, and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially
from those anticipated or expected, including statements related to
the demand for our services and products, our ability to manage the
adverse effect brought on by the COVID-19 pandemic, our ability to
execute on our strategic plans, our ability to achieve positive
cash flows or profitability, our ability to achieve and maintain
cost savings, the sufficiency of our liquidity and capital
resources, and our ability to achieve our key initiatives for 2021.
A more detailed description of these and certain other factors that
could affect actual results is included in the Company’s filings
with the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof, except as may be
required by law.urban-gro Investor Relations
Contact:Jenene ThomasChief Executive OfficerJTC Team,
LLCT: 833.475.8247 investors@urban-gro.com
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