CloudCommerce Announces Closing of $10 Million Registered Direct Offering
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SAN ANTONIO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- CloudCommerce,
Inc. (CLWD), a leading provider of digital advertising
solutions, today announced that it has closed its previously
announced registered direct offering, for the sale, under a
securities purchase agreement with an institutional investor,
of 142,857,143 shares of its common stock (or common stock
equivalents in lieu thereof) and warrants to purchase
142,857,143 shares of common stock. The purchase price for
one share of common stock (or common stock equivalent) and
one warrant to purchase one share of common stock was $0.07.
The warrants have an exercise price of $0.07 per share, are
immediately exercisable and will expire five years from the
issue date.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds from the offering were approximately $10 million. The Company intends to use the net proceeds from the offering to accelerate the development of SWARM, its AI-enabled platform designed to eliminate waste in digital advertising, as well as for working capital and general corporate purposes.
The securities described above were offered pursuant to a "shelf" registration statement (File No. 333-252358) filed with the Securities and Exchange Commission (SEC) on January 22, 2021 and declared effective on February 16, 2021. Such securities were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the securities were filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of the securities may be obtained on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or by email at placements@hcwco.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About CloudCommerce
CloudCommerce is a leading provider of digital advertising
solutions. Our flagship solution, SWARM, analyzes a robust
mix of audience data to help businesses find who to talk to,
what to say to them, and how to market to them. We do this by
applying advanced data science, behavioral science,
artificial intelligence, and market research techniques to
discover, develop and create custom audiences for highly
targeted digital marketing campaigns. For more information
about the Company, please visit www.CloudCommerce.com.
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based
only on our current beliefs, expectations and assumptions
regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the
economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of our
control. Our actual results and financial condition may
differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking
statements are included in our filings with the Securities
and Exchange Commission, including the “Risk Factors” section
of our annual report on Form 10-K for the year ended December
31, 2019. Any forward-looking statement made by us in this
release is based only on information currently available to
us and speaks only as of the date on which it is made. We
undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may
be made from time to time, whether as a result of new
information, future developments or otherwise.
Contact:
CloudCommerce, Inc.
Tel: (800) 673-0927
communications@cloudcommerce.com
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