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EXHIBIT 99.1
INUVO, INC. PRICES $5.5 MILLION COMMON STOCK OFFERING
LITTLE ROCK, AR JUNE 4, 2020 – INUVO, INC. (NYSE AMERICAN:
INUV) (“Inuvo” or
the “Company”), a leading provider of marketing
technology, powered by IntentKeyTM
artificial intelligence that serves
brands and agencies, today announced it has entered into a
securities purchase agreement with institutional investors for the
purchase and sale of 12,222,222 shares of common stock, par value
$0.001 per share, at an offering price of $0.45 per share, pursuant
to a registered direct offering. The gross proceeds of the offering
are expected to be $5.5 million before deducting fees and other
estimated offering expenses. The closing of the registered direct
offering is expected to take place on or about June 8, 2020,
subject to the satisfaction of customary closing
conditions.
A.G.P./Alliance Global Partners is acting as sole placement agent
for the offering.
This offering was made pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-220317)
previously filed with and declared effective by the U.S. Securities
and Exchange Commission (the “SEC”). This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy 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. A prospectus
supplement relating to the shares of common stock will be filed by
Inuvo with the SEC. When available, copies of the prospectus
supplement, together with the accompanying prospectus, can be
obtained at the SEC’s website at www.sec.gov or from
A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th
Floor, New York, New York 10022 or by
email at prospectus@allianceg.com.
About Inuvo
Inuvo®,
Inc. (NYSE American: INUV) is a market leader in artificial
intelligence, aligning and delivering consumer-oriented product
& brand messaging strategies online based on powerful,
anonymous and proprietary consumer intent data for agencies,
advertisers and partners. To learn more, visit www.inuvo.com.
About the IntentKeyTM
Inuvo®’s IntentKeyTM is
a patented, machine-learning technology designed to mirror the
manner in which the human brain instantly associates ideas,
emotions, places, people, and objects. It creates an accurate,
high-definition picture of consumer intent and sentiment related to
a particular topic or item. Inuvo harnesses the power of the
IntentKeyTM to
discover and reach high volumes of incremental in-market and
relevant audiences that are hidden from typical marketing
approaches. The IntentKeyTM enables
pinpoint media execution reaching consumers throughout the
purchasing funnel all the way to conversion.
Forward-Looking Statements
This
press release includes certain “forward-looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to
qualify for the “safe harbor” from liability
established by the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements include,
without limitation, statements about the expected closing of the
offering; anticipated gross proceeds from the offering;and other
risks and uncertainties detailed in Inuvo, Inc.’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2019,
Inuvo’s subsequent Quarterly Report on Form 10-Q for the
period ended March 31, 2020 and our other filings with the SEC.
Additionally, forward looking statements are subject to certain
risks, trends, and uncertainties including the continued impact of
Covid-19 on Inuvo’s business and operations. Inuvo cannot
provide assurances that the assumptions upon which these
forward-looking statements are based will prove to have been
correct. Should one of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those expressed or implied in any forward-looking
statements, and investors are cautioned not to place undue reliance
on these forward-looking statements, which are current only as of
this date. Inuvo does not intend to update or revise any
forward-looking statements made herein or any other forward looking
statements as a result of new information, future events or
otherwise. Inuvo further expressly disclaims any written or oral
statements made by a third party regarding the subject matter of
this press release.
Inuvo Company Contact:
Wally
Ruiz
Chief
Financial Officer
Tel
(501) 205-8397
wallace.ruiz@inuvo.com