Business

Dogness Corp (NASDAQ: DOGZ) Moves into a Deal for Registered Direct Offering of about $3.96 Million Class A Common Shares

Dogness Corp (NASDAQ: DOGZ) has spoken about its entry into a securities purchase agreement with some particular institutional investors. They seek a registered direct offering of the Class A common shares of about $3.96 million, with each share going at about $1.82.

Dogness Corp wants to channel an aggregate of 2,178,120 Class A common shares to investors. The sale of the securities and the aggregate gross proceeds will direct the company on its next move. Calculating the aggregate gross proceeds is an elaborate process that requires the deduction of fees payable to the placement agent and the rest of the estimated offering expenses its needs to pay. The aggregate gross proceeds before making the deductions mentioned above are about $3.96 million.

Using the proceeds

Dogness Corp has spoken about how it intends to use the net proceeds from this offering. It intends to use the proceeds for its general working capital purposes. It has also projected the time for completing the placement, pointing out to about July 19, 2021. However, everything will be subject to the prevailing customary closing conditions satisfaction. 

Dogness Corp discloses details about the securities and how they are being offered through a prospectus supplement. Everything in this regard is also pursuant to its base prospectus contained therein and the effective shelf registration statement.

The filings

A company official discloses that they have already filed a shelf registration statement relating to the securities. The Securities and Exchange Commission has declared it effective. The next move will involve the foiling of the prospectus supplement related to the offering with the SEC.

FT Global Capital, Inc participated in the deal but as the acting exclusive placement agent for the offering.

Persons in need of seeing more information regarding the transaction have the opportunity to do so. They will need to check out Form 6-K, which will be filed with the SEC, and they can see whatever interests them.

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