Rocky Mountain Chocolate to sell 1.25M shares at $1.75 in private placement

Rocky Mountain Chocolate Factory announced that it has entered into a securities purchase agreement for a private investment in public equity financing that is expected to result in gross proceeds of approximately $2.2 million to the Company, before deducting offering expenses. Pursuant to the terms of the securities purchase agreement, RMCF is selling an aggregate of 1.25 million shares of its common stock at a price of $1.75 per share. The issuance price reflects a 15% premium to the closing stock price on August 5, 2024. The PIPE financing is expected to close on or about August 6, 2024, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds for working capital and general corporate purposes.