SEATTLE, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ:BNZI) ("Banzai" or the "Company"), a leading marketing technology company that provides essential marketing and sales solutions, today announced the closing of its previously announced private placement priced at-the-market under the rules of the Nasdaq Stock Market for the issuance and sale of an aggregate of 1,176,471 shares of Class A common stock (or pre-funded warrant in lieu thereof), accompanying Series A warrants to purchase up to 1,176,471 shares of Class A common stock and accompanying short-term Series B warrants to purchase up to 1,176,471 shares of Class A common stock at a purchase price of $4.25 per share (or per pre-funded warrant in lieu thereof). The Series A and the short-term Series B warrants have an exercise price of $4.00 per share and are exercisable immediately upon issuance. The Series A warrants will expire five years from the issuance date and the short-term Series B warrants will expire 18 months from the issuance date.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds from the offering were approximately $5 million, prior to deducting placement agent's fees and other offering expenses payable by the Company. Banzai intends to use the net proceeds from the offering to pay off in full its outstanding credit facility with Yorkville Advisors and for working capital and other general corporate purposes. The Company paid off in full its outstanding credit facility with Yorkville Advisors from the net proceeds of the offering.
The securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and/or Regulation ...
