- The Very Good Food Company (NASDAQ:VGFC) is down 3.03% premarket on Tuesady after the firm has entered into a securities purchase agreement with an institutional investor for aggregate gross proceeds of ~$6.5M.
- The company will issue 32.5M units and equal no. of warrants at a purchase price of $0.20 per unit.
- Each warrant entitles the holder to acquire one share at an exercise price of $0.2582/share for a period five years from the issuance date.
- Net proceeds will be used by the company for general working capital purposes.
- Offering is expected to close on or about June 2, 2022.