NEW YORK – Xcel Brands, Inc., a media and consumer products company, announced the pricing of its underwritten public offering of common stock at $0.65 per share, aiming to raise gross proceeds of approximately $2.1 million before underwriting discounts and commissions, as well as offering expenses. The offering is slated to close around March 19, 2024.
The NASDAQ-listed company (NASDAQ:XELB), which owns and manages a portfolio of consumer lifestyle brands, stated that the offering includes participation from members of its management team. Notably, Xcel's Chairman, CEO, and President, Robert D'Loren, along with other management members, have entered into subscription agreements to purchase 294,642 shares of common stock directly from Xcel at $0.98 per share, totaling an aggregate purchase price of $288,749.
The offering is conducted in accordance with a shelf registration statement that was filed with the Securities and Exchange Commission (SEC) on January 26, 2024, and subsequently declared effective on February 6, 2024. Craig-Hallum Capital Group LLC is serving as the sole managing underwriter for the offering.
Xcel Brands, founded in 2011, has built its business model around integrating shopping, entertainment, and social media. Its brand portfolio includes Judith Ripka, Halston, LOGO by Lori Goldstein, and C. Wonder by Christian Siriano, among others. The company has also reported generating over $4 billion in retail sales through interactive television and digital livestream shopping channels.
Investors can access the preliminary prospectus supplement and accompanying prospectus related to the offering on the SEC's website. Upon availability, the final prospectus supplement and accompanying prospectus can be obtained from Craig-Hallum Capital Group.
The press release includes forward-looking statements, which are subject to risks, uncertainties, and assumptions. These statements are not guarantees of future performance, and actual results may differ materially. The company has emphasized that the forward-looking statements are based on current expectations and projections and that new risks may emerge over time. This news article is based on a press release statement from Xcel Brands.
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