Kaival Brands (NASDAQ: KAVL), the exclusive global distributor of products by Bidi(R) Vapor LLC, has announced an underwritten public offering of 4,700,000 shares of its common stock and accompanying warrants. According to the announcement, the pricing of the public offering, which included each share of common stock being sold together with 0.75 warrants for a combined price of $1.70, is $8 million before deducting typical underwriting discounts and offering expenses. The company anticipates using net proceeds from the offering to fund working capital and general corporate purposes. KAVL anticipates granting the underwriters a 45-day option to purchase up to an additional 15% of the number of shares offered, or 705,000 shares of common stock and/or warrants to purchase 528,750 shares of common stock to cover over-allotments at the public offering price.
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About Kaival Brands Innovations Group Inc.
Based in Grant, Florida, Kaival Brands is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets. The company’s vision is to develop internally, acquire, own or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation. Kaival Brands is the exclusive global distributor of all products manufactured by Bidi Vapor. For more information about the company, visit www.KaivalBrands.com.
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