Sow Good Inc. (OTCQB to Nasdaq: SOWG) (“Sow Good” or “the Company”), a trailblazer in the freeze dried candy and treat industry, announced the pricing of its underwritten public offering of 1,200,000 shares of its common stock, at a price of $10.00 per share. The offering is expected to yield approximately $12 million in gross proceeds before offering expenses and underwriting discounts and commissions.
In connection with the offering, the Company has also granted the underwriters a 30-day option to purchase up to 180,000 additional shares of common stock. The offering is expected to close on May 6, 2024, subject to customary closing conditions. On May 1, 2024, the Company received approval to list its common stock on the Nasdaq Capital Market stock exchange (“Nasdaq”). Trading on Nasdaq is expected to commence on May 2, 2024. Shareholders are not required to take any action as a result of the uplisting, and the Company’s ticker symbol “SOWG” will remain unchanged.
Sow Good intends to use the net proceeds from this offering for general corporate purposes, which may include capital expenditures for the expansion of production capacity, funding working and growth capital, the expansion of the Company’s sales and marketing function, and the reduction of certain tranches of indebtedness.
Roth Capital Partners is acting as sole book-running manager for the offering. Craig-Hallum is acting as the co-manager for the offering.
A registration statement on Form S-1 relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 1, 2024. These securities may not be sold, nor may offers to buy these securities be accepted, prior to the time the registration statement becomes effective. 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.
The proposed offering will be made only by means of a prospectus. Copies of the prospectus will be filed with the Securities and Exchange Commission and, when available, may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC’s website, www.sec.gov.