PLANO, Texas, Jan. 15, 2021 /PRNewswire/ -- Dogness
(International) Corporation ("Dogness" or the "Company") (NASDAQ:
DOGZ), a developer and manufacturer of a comprehensive line of
Dogness-branded, OEM and private label pet products, today
announced that it has entered into a securities purchase agreement
with certain institutional investors for a registered direct
placement of $7.4 million of common
shares at a price of $2.15 per share.
The Company will issue an aggregate of 3,455,130 common shares and
Class A warrants to purchase an aggregate of 1,727,565 common
shares to the investors. The Company will also issue a
warrant to purchase 276,410 common shares to the placement agent.
The Class A and placement agent warrants are
exercisable at $2.70 per share.
The aggregate gross proceeds from the sale of the securities,
before deducting fees payable to the Placement Agent and other
estimated offering expenses payable by the Company will be
approximately $7.4 million.
The net proceeds from this offering will be used for general
working capital purposes. The completion of the placement is
expected to occur on or about January 20,
2021, subject to the satisfaction of customary closing
conditions.
FT Global Capital, Inc. acted as the exclusive placement
agent in connection with the offering.
These securities are being offered through a prospectus
supplement pursuant to the Company's effective shelf registration
statement and base prospectus contained therein. A shelf
registration statement relating to these securities has been filed
with and declared effective by the Securities and Exchange
Commission (the "SEC"). A prospectus supplement related to the
offering will be filed with the SEC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities, in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction.
For further information regarding this transaction, please see
the Form 6-K to be filed with the SEC.
About Dogness
Dogness (International) Corporation was founded in 2003
from the belief that pet dogs and cats are important, well-loved
family members. Through its smart products, hygiene products,
health and wellness products, and leash
products, Dogness is able to simplify pet lifestyles,
make them more scientific, and enhance the relationship between
pets and pet caregivers. The Company ensures industry-leading
quality through its fully integrated vertical supply chain and
world-class research and development capabilities, which has
resulted in over 200 patents and patents
pending. Dogness products reach families worldwide
through global chain stores and distributors. For more information,
please visit: ir.dogness.com.
Forward Looking Statements
No statement made in this press release should be interpreted as
an offer to purchase or sell any security. Such an offer can only
be made in accordance with the Securities Act of 1933, as amended,
and applicable state securities laws. Certain statements in this
press release concerning our future growth prospects are
forward-looking statements regarding our future business
expectations intended to qualify for the "safe harbor" under the
Private Securities Litigation Reform Act of 1995, which involve a
number of risks and uncertainties that could cause actual results
to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include,
but are not limited to, risks and uncertainties regarding lingering
effects of the Covid-19 pandemic on our customers' businesses and
end purchasers' disposable income, our ability to raise capital on
any particular terms, fulfillment of customer orders, fluctuations
in earnings, fluctuations in foreign exchange rates, our ability to
manage growth, our ability to realize revenue from expanded
operation and acquired assets in China and the U.S.,
our ability to attract and retain highly skilled professionals,
client concentration, industry segment concentration, reduced
demand for technology in our key focus areas, our ability to
successfully complete and integrate potential acquisitions, and
unauthorized use of our intellectual property and general economic
conditions affecting our industry. Additional risks that could
affect our future operating results are more fully described in
our United States Securities and Exchange
Commission filings. These filings are available at
www.sec.gov. Dogness may, from time to time, make additional
written and oral forward-looking statements, including statements
contained in the Company's filings with the Securities and
Exchange Commission and our reports to shareholders. In
addition, please note that any forward-looking statements contained
herein are based on assumptions that we believe to be reasonable as
of the date of this press release. The Company does not undertake
to update any forward-looking statements that may be made from time
to time by or on behalf of the Company unless it is required by
law.
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SOURCE Dogness International Corporation