AUSTIN,
Texas, Dec. 4, 2023 /PRNewswire/ -- Digital
Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated
collection of luxury lifestyle, digital-first brands, today
announced that all of the the remaining pre-funded warrants related
to our August 2023 financing have
been converted into common shares and exercised. As noted in the
Company's most recent 10-Q, the total common shares outstanding are
857,859, which includes all of the pre-funded warrants.
Hil Davis, Chief Executive
Officer of Digital Brands Group, said, "The August funding
associated with these pre-funded warrants provided the company with
resources that we've used to continue to execute our growth
strategy. We believe this removes a large overhang that has been
associated with these unexercised pre-funded warrants. This August
financing allowed us to stay in good standing with our Nasdaq
listing. Based on our increasing revenue trends, driven by our Q1
wholesale bookings, coupled with the decline in our operating
expenses, we expect to be ebitda neutral in the first
quarter."
Forward-looking Statements
Certain statements included in this release are "forward-looking
statements" within the meaning of the federal securities laws.
Forward-looking statements are made based on our expectations and
beliefs concerning future events impacting DBG and therefore
involve several risks and uncertainties. You can identify these
statements by the fact that they use words such as "will,"
"anticipate," "estimate," "expect," "should," and "may" and other
words and terms of similar meaning or use of future dates, however,
the absence of these words or similar expressions does not mean
that a statement is not forward-looking. All statements regarding
DBG's plans, objectives, projections and expectations relating to
DBG's operations or financial performance, and assumptions related
thereto are forward-looking statements. We caution that
forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in
the forward-looking statements. DBG undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law. Potential risks and uncertainties that could
cause the actual results of operations or financial condition of
DBG to differ materially from those expressed or implied by
forward-looking statements include, but are not limited to: risks
arising from the widespread outbreak of an illness or any other
communicable disease, or any other public health crisis, including
the coronavirus (COVID-19) global pandemic; the level of consumer
demand for apparel and accessories; disruption to DBG's
distribution system; the financial strength of DBG's customers;
fluctuations in the price, availability and quality of raw
materials and contracted products; disruption and volatility in the
global capital and credit markets; DBG's response to changing
fashion trends, evolving consumer preferences and changing patterns
of consumer behavior; intense competition from online retailers;
manufacturing and product innovation; increasing pressure on
margins; DBG's ability to implement its business strategy; DBG's
ability to grow its wholesale and direct-to-consumer businesses;
retail industry changes and challenges; DBG's and its vendors'
ability to maintain the strength and security of information
technology systems; the risk that DBG's facilities and systems and
those of our third-party service providers may be vulnerable to and
unable to anticipate or detect data security breaches and data or
financial loss; DBG's ability to properly collect, use, manage and
secure consumer and employee data; stability of DBG's manufacturing
facilities and foreign suppliers; continued use by DBG's suppliers
of ethical business practices; DBG's ability to accurately forecast
demand for products; continuity of members of DBG's management;
DBG's ability to protect trademarks and other intellectual property
rights; possible goodwill and other asset impairment; DBG's ability
to execute and integrate acquisitions; changes in tax laws and
liabilities; legal, regulatory, political and economic risks;
adverse or unexpected weather conditions; DBG's indebtedness and
its ability to obtain financing on favorable terms, if needed,
could prevent DBG from fulfilling its financial obligations; and
climate change and increased focus on sustainability issues. More
information on potential factors that could affect DBG's financial
results is included from time to time in DBG's public reports filed
with the SEC, including DBG's Annual Report on Form 10-K, and
Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished
with the SE
About Digital Brands Group
We offer a wide variety of apparel through numerous brands on a
both direct-to-consumer and wholesale basis. We have created a
business model derived from our founding as a digitally
native-first vertical brand. We focus on owning the customer's
"closet share" by leveraging their data and purchase history to
create personalized targeted content and looks for that specific
customer cohort.
Digital Brands Group, Inc. Company Contact
Hil Davis, CEO
Email: invest@digitalbrandsgroup.co
Phone: (800) 593-1047
Related Links
https://www.digitalbrandsgroup.co
https://ir.digitalbrandsgroup.co
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SOURCE Digital Brands Group, Inc.