Digital Brands Shares Pricing Of Underwritten Public Offering

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Digital Brands Group, Inc., a curated collection of luxury lifestyle, digital-first brands announced the pricing of its underwritten public offering of 37,389,800 shares of its common stock at a public offering price of $0.25 per share. In addition, the Company has granted the underwriters a 45-day option to purchase up to 5,400,000 additional shares of common stock at the public offering price per share, less underwriting discounts, and commissions, to cover over-allotments, if any.

The offering is expected to close on May 10, 2022, subject to customary closing conditions.

The gross proceeds from the offering to Digital Brands, before deducting underwriting discounts and commissions and other offering expenses payable by Digital Brands, are expected to be $9,347,450 million, excluding any exercise of the underwriters’ option to purchase additional shares.

The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, including the repayment of promissory notes in the principal amount of $3,068,750.

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