iMedia Brands Inc IMBI:NASDAQ

Last Price$1.21NASDAQ Closing Price as of 4:00PM ET 6/30/22

Today's Change+0.17(16.35%)
Bid (Size)$1.19 (2)
Ask (Size)$1.22 (1)
Day Low / High$1.01 - 1.22
Volume250.6 K

iMedia Brands Prices $24 Million Registered Direct Offering; Shares Plunge

11:30AM ET 5/12/2022 MT Newswires
iMedia Brands (IMBI) said Thursday it has priced a $24 million registered direct offering of 4,038,281 shares at $3.07 per share and pre-funded warrants to buy 3,763,022 shares at $3.0699 per warrant.

iMedia said it also priced warrants to buy 7,801,303 shares with a per share exercise price of $2.94. The warrants are only exercisable upon receipt of shareholder approval for a share increase.

The initial closing of the offering is expected on or about May 16. Subsequent closings are expected to happen within 180 days of the receipt of the shareholder approval for the share increase.

Net proceeds from the offering will be used to pay off some debt and for working capital and general corporate purposes.

iMedia shares were down 25% on Thursday morning.

Price: 2.45, Change: -0.50, Percent Change: -16.84