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8-K - CURRENT REPORT - cbdMD, Inc. | cbd_8k.htm |
Exhibit 99.1
cbdMD, Inc. Announces Closing of $18.4 Million Underwritten Public
Offering of Common Stock
CHARLOTTE, NC, January 14, 2020 (BUSINESS NEWSWIRE) – cbdMD,
Inc. (NYSE American: YCBD, YCBD PR A), today announced the closing
of its previously announced underwritten public offering
for total gross proceeds of
$18,400,000, before deducting underwriting discounts, commissions
and other offering expenses payable by the company. cbdMD sold an
aggregate of 18,400,000 shares of its common stock at a purchase
price to the public of $1.00 per share in this offering, which
included the full exercise by the underwriters of the
over-allotment option of 2,400,000 shares of common
stock.
cbdMD, Inc. intends to use the net proceeds from the offering for
working capital.
ThinkEquity, a division of Fordham Financial Management, Inc.,
acted as sole book-running manager for the offering and The
Benchmark Company, LLC acted as co-manager for the
offering.
Copies
of the final prospectus supplement and accompanying prospectus
related to the offering 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.
Electronic copies of the final prospectus supplement and
accompanying prospectus are also available on the SEC’s
website at http://www.sec.gov.
This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
any of the securities described herein, nor shall there be any sale
of these securities 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 any such state or
jurisdiction.
About cbdMD, Inc.
cbdMD,
Inc. (NYSE American: YCBD, YCBD PR A) owns and operates the
nationally recognized consumer cannabidiol (CBD) brand cdbMD, whose
current products include CBD gummies, CBD tinctures, CBD topical,
CBD bath bombs, CBD oils and CBD pet products.
Safe Harbor / Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities
Litigation Reform Act of 1995 regarding the public offering and the
intended use of proceeds from the offering. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including market conditions,
risks associated with the cash requirements of our business and
other risks detailed from time to time in our filings with the
Securities and Exchange Commission, and represent our views only as
of the date they are made and should not be relied upon as
representing our views as of any subsequent date. We do not assume
any obligation to update any forward-looking
statements.
Company Contact:
cbdMD, Inc.
Mark S. Elliott, Chief Financial Officer and Chief Operating
Officer
(704) 445-3051
Mark.Elliott@cbdmd.com