The total gross proceeds from the offering are expected to be approximately $24.9 million
Celsius Holdings has priced its underwritten registered public offering of 6,944,444 shares of its common stock at a price to the public of $3.60 per share. The Company has granted the underwriters a 30-day option to purchase at the public offering price, less the underwriting discount, up to an additional 1,041,666 shares of common stock.
All shares of common stock to be sold in the offering will be offered by the Company. Certain directors and affiliates of the Company intend to purchase in the aggregate approximately 1,100,000 shares of common stock in the offering. The offering is expected to close on or about September 16, 2019.
The total gross proceeds from the offering are expected to be approximately $24.9 million. After deducting the underwriters’ discount and other estimated offering expenses payable by the Company, the net proceeds are expected to be approximately $23.3 million. These amounts assume no exercise of the underwriters’ over-allotment option.
The Company intends to use the net proceeds from the offering, if completed, to fund the cash needed to consummate the acquisition of Func Food Group Oyj (the “Func Food Acquisition”) and related fees, costs and expenses, and the remaining, for general corporate purposes, including funding marketing initiatives and expanding European distribution of CELH products.