Kaival Brands prices 3.92M units at $1.53 in public offering

Kaival Brands Innovations announced the pricing of a public offering of 3,921,500 units at a public offering price of $1.53 per unit. Each unit consists of one share of common stock and one and one-half common warrants to purchase one and one-half shares of common stock. The common warrants will have an exercise price of $1.53 per share, are exercisable immediately and will expire five years following the date of issuance. Gross proceeds from the Offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $6.0 million. Maxim Group LLC is acting as sole placement agent in connection with the Offering. The Company intends to use the net proceeds from the Offering for general corporate and working capital purposes and to fund ongoing operations and expansion of its business. The closing of the Offering is expected to occur on or about June 24, 2024, subject to the satisfaction of customary closing conditions.