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- Social media and family entertainment company Grom Social Enterprises Inc (NASDAQ:GROM) closed a $4.4 million private placement.
- The placement involved a 10% original issue discount convertible note of $4.4 million with an 18-month maturity and a fixed conversion price of $4.20 per share and five-year warrants to purchase 0.81 million shares at an exercise price of $4.20 per share. The conversion price implies a 55.6% premium to Grom's September 14 closing price of $2.70.
- GROM will have to make monthly payments in either cash or shares, commencing 75 days after closing.
- The proceeds will serve working capital, joint ventures, possible acquisitions, partnerships, and general corporate purposes.
- Price Action: GROM shares closed lower by 2.22% at $2.64 on Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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