AUSTIN, Texas, June 28, 2021 /PRNewswire/ -- Digital Brands
Group, Inc. (NASDAQ: DBGI) ("Digital Brands" or the "Company"),
today announced the underwriters of Digital Brand's previously
announced public offering that initially closed on May 18, 2021 have purchased an additional 361,445
shares of common stock pursuant to the exercise by the underwriters
of the remaining portion of their over-allotment option at a public
offering price of $4.15 per share.
Digital Brands has now sold a total of 2,771,084 shares of common
stock and warrants to purchase 2,771,084 shares of common stock for
aggregate gross proceeds of approximately $11.5 million, prior to deducting underwriting
discounts, commissions, and other offering expenses.
The Company's shares of common stock and warrants are listed on
the Nasdaq Capital Market under the symbols "DBGI" and "DBGIW",
respectively.
EF Hutton, division of Benchmark Investments, LLC, acted as the
sole book-running manager for the offering. Manatt, Phelps &
Phillips, LLP represented Digital Brands and Nelson Mullins Riley & Scarborough LLP acted
for EF Hutton.
The Securities and Exchange Commission ("SEC") declared
effective a registration statement on Form S-1 (File No.
333-255193) relating to these securities on May 13, 2021, and a related registration
statement on Form S-1 (File No. 333-256174) was filed pursuant to
Rule 462(b) under the Securities Act, as amended, on May 14, 2021. A final prospectus relating to this
offering was filed with the SEC on May 17,
2021.
This press release shall not constitute an offer to sell nor the
solicitation of an offer to buy, nor shall there by any sale of the
common stock and warrants, in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
About Digital Brands Group, Inc.
We offer a wide variety of apparel through numerous brands on a
both direct-to-consumer and wholesale basis. We have created a
business model derived from our founding as a digitally
native-first vertical brand. Digital native first brands are brands
founded as e-commerce driven businesses, where online sales
constitute a meaningful percentage of net sales, although they
often subsequently also expand into wholesale or direct retail
channels., Unlike typical e-commerce brands, as a digitally native
vertical brand we control our own distribution, sourcing products
directly from our third-party manufacturers and selling directly to
the end consumer. We focus on owning the customer's "closet share"
by leveraging their data and purchase history to create
personalized targeted content and looks for that specific customer
cohort. We have strategically expanded into an omnichannel brand
offering these styles and content not only on-line but at selected
wholesale and retail storefronts. We believe this approach allows
us opportunities to successfully drive Lifetime Value ("LTV") while
increasing new customer
growth.
Digital Brands Group, Inc. Company Contact
Hil Davis, CEO
Email:
invest@digitalbrandsgroup.co
Phone: (800) 593-1047
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SOURCE Digital Brands Group, Inc.