1847 Goedeker Announces Pricing of $205 Million Public Offering
May 27 2021 - 5:35PM
Business Wire
1847 Goedeker Inc. (NYSE American: GOED) (NYSE American: GOED
WS) (“Goedekers” or the “Company”), a one-stop e-commerce
destination for appliances and furniture, today announced the
pricing of an underwritten public offering of 91,111,111 units,
each unit consisting of one share of common stock and one warrant
to purchase one share of common stock. Each unit is being sold to
the public at a price of $2.25. The gross proceeds to the Company
from the offering are expected to be approximately $205 million
before deducting underwriting discounts, commissions and other
offering expenses. The warrants included within the units are
exercisable immediately, have an exercise price of $2.25 per share
and expire five years from the date of issuance. The shares of
common stock and warrants contained in the units are immediately
separable and will be issued separately.
The warrants will begin trading on the NYSE American on May 28,
2021 under the ticker symbol “GOED WS”.
The Company has granted the underwriter a 30-day option to
purchase up to 2,000,000 additional shares of common stock and/or
up to 2,000,000 additional warrants to cover over-allotments, if
any.
The offering is expected to close on June 2, 2021, subject to
satisfaction of customary closing conditions.
ThinkEquity, a division of Fordham Financial Management, Inc.,
is acting as sole book-running manager for the offering.
The Company intends to use the net proceeds from this offering
to pay part of the cash portion of the purchase price for the
proposed acquisition of Appliances Connection and related
acquisition fees and expenses. Any remaining proceeds will be used
working capital and general corporate purposes.
A registration statement on Form S-1, as amended (File No.
333-255709) relating to the shares was filed with the Securities
and Exchange Commission (“SEC”) and became effective on May 27,
2021. This offering is being made only by means of a prospectus.
Copies of the final prospectus, when available, may be obtained
from ThinkEquity, a division of Fordham Financial Management, Inc.,
17 State Street, 22nd Floor, New York, New York 10004, by telephone
at (877) 436-3673, by email at prospectus@think-equity.com. The
final prospectus will be filed with the SEC and will be available
on the SEC’s website located at http://www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About 1847 Goedeker Inc.
1847 Goedeker Inc. is an industry leading e-commerce destination
for appliances, furniture, and home goods. Since its founding in
1951, Goedekers has transformed from a local brick and mortar
operation serving the St. Louis metro area to a respected
nationwide omnichannel retailer that offers one-stop shopping for
national and global brands. While the Company maintains its St.
Louis showroom, over 95% of sales are placed through its website
(www.Goedekers.com). Goedeker’s provides visitors an easy to
navigate shopping experience and offers more than 141,000 items
organized by category and product features. Learn more at
www.Goedekers.com.
Forward Looking Statements
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
"will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on the Company’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled “Risk Factors” in the final prospectus related to the public
offering filed with the Securities and Exchange Commission and
other reports filed with the Securities and Exchange Commission
thereafter. Forward-looking statements contained in this
announcement are made as of this date, and the Company undertakes
no duty to update such information except as required under
applicable law.
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Dave Gentry, CEO RedChip Companies Office: 1.800.RED.CHIP
(733.2447) Cell: 407.491.4498 dave@redchip.com
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