Social Reality announces $5.5M registered direct offering
Social Reality announced that it has entered into definitive agreements with existing investors for the purchase of 1.525M shares of Class A common stock and Series A warrants to purchase an aggregate of 965,500 shares of common stock at a purchase price per share of $3.60 in a registered direct offering. The Series A warrants are exercisable for 90 days at an exercise price of $3.60. Social Reality has also agreed to issue to the investors in a concurrent private placement Series B warrants to purchase an aggregate of 1.525M shares of common stock and Series C warrants to purchase an aggregate of 965,500 shares of common stock that each are exercisable six months following issuance, are exercisable until October 1, 2022, and have an exercise price of $4.00. The Series C warrants vest ratably upon the exercise of the Series A warrants. The closing of the offering is expected to take place on or about August 14, subject to the satisfaction of customary closing conditions. The Special Equities Group, a division of Bradley Woods & Co. Ltd., acted as lead placement agent and Westpark Capital acted as a co-placement agent for this offering. The gross proceeds to Social Reality, before deducting placement agent fees and other offering expenses, are expected to be $5.49M. Social Reality intends to use the net proceeds from this offering for general working capital.