BROOKLYN, N.Y., April 30, 2019 (GLOBE NEWSWIRE) — Better Choice Company Inc. (OTCQB: BTTR) (the “Company”) today announced that it has entered into definitive agreements to sell securities to certain accredited investors in a private placement, for aggregate gross proceeds of approximately $14.8 million. The closing of the private placement is expected to occur prior to May 10, 2019, subject to satisfaction of customary closing conditions.
Under the terms of the offering, the Company will sell an aggregate of 4,946,640 shares of its common stock (the “Shares”), at a price of $3.00 per share. The purchasers will also receive warrants to purchase up to an aggregate of 4,946,640 shares of common stock at an exercise price of $4.25 per share (the “Warrants”) which will expire 24 months from the date of issuance.
Canaccord Genuity LLC is acting as the placement agent for the private placement.
The Company intends to use the net proceeds from this offering for general corporate purposes and working capital.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the “SEC”) registering the resale by the purchasers of the Shares and the shares issuable upon exercise of the Warrants.
About Better Choice Company, Inc.
At the foundation of Better Choice Company, Inc. is the belief that good health practices and nutrition contribute to and promote a higher quality of life. Recently, the Company entered into definitive agreements to acquire TruPet LLC an online seller of pet foods, flea and tick products pet nutritional products and related pet supplies and Bona Vida, Inc., an innovative emerging CBD platform, focused on developing a portfolio of brand and product verticals within the animal and human health and wellness space. For more information, please visit https://www.betterchoicecompany.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Important factors that could cause actual results to differ from those in the forward-looking statements include our inability to reach a definitive agreement with the principal TruPet LLC and Bona Vida, Inc. investors, the ability to complete a financing future short-term market for our common stock and the market for microcap companies in general. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
KCSA Strategic Communications
Valter Pinto, Managing Director