NuZee Sets Price for Underwritten Public Offering of $3.4 Million Common Stock
PLANO, TX, August 7, 2022 /PRNewswire/ — NuZee, Inc. (NASDAQ: NUZE), a leading U.S. producer and co-packer of single-serve coffee formats, today announced pricing for its underwritten public offering of 4,200,000 ordinary shares at a public offering price of $0.82 per share, resulting in expected gross proceeds for NuZee of approximately $3.4 millionbefore deducting subscription discounts and commissions and offering costs.
Maxim Group LLC is acting as sole bookrunner for the offering.
NuZee has granted the underwriter a 45-day option to purchase up to an additional 630,000 shares at the public offering price, less underwriting discounts and commissions. The public offering is expected to close on or about August 10, 2022subject to customary closing conditions.
The securities are being offered pursuant to a current shelf registration statement (including a prospectus) on Form S-3 (No. 333-248531) previously filed and declared effective by the United States Securities and Exchange Commission (the ” DRY “). Securities may only be offered by means of a written prospectus and prospectus supplement which form part of the effective registration statement. A preliminary prospectus supplement relating to and describing the terms of the public offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. A definitive prospectus supplement will be filed with the SEC and will form part of the effective registration statement. Electronic copies of the preliminary prospectus supplement and, when available, copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained by contacting Maxim Group LLC, 300 Park Avenue, New York, NY 10022, or by phone at (212) 895-3745.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. prior to registration or qualification. under the securities laws of such state or territory.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. NuZee cautions you that these statements are only predictions and that actual events or results may differ materially. These statements reflect NuZee’s current expectations, and NuZee does not undertake to update or revise these forward-looking statements, even if experience or future changes clearly indicate that the projected results expressed or implied in this statement or in other NuZee statements will not come true. In addition, such statements involve risks and uncertainties, many of which are beyond NuZee’s control, which could cause actual results to differ materially from the forward-looking statements. Statements relating to, among other things, the completion of the Common Share Offering and potential changes in market conditions are forward-looking statements. These risks and uncertainties, many of which are beyond our control, include: NuZee’s plan to obtain financing for its operations, including the financing necessary to develop, manufacture and market its products; the impact on NuZee’s business from COVID 19, including supply chain disruptions; general market acceptance and demand for NuZee’s products; NuZee’s reliance on third party roasters to roast and blend the coffee beans needed to manufacture its products and provide its co-packing services; NuZee’s ability to successfully achieve anticipated results of strategic transactions; the fact that certain of NuZee’s single-serve coffee products would have to be manufactured, processed and packaged for NuZee by its new partner on a purchase order basis pursuant to the parties’ agreement; the fact that sales are concluded on the basis of a purchase order without any written agreement between NuZee and its customers; and NuZee’s sales, marketing and manufacturing capabilities and strategy. For a description of additional factors that may cause NuZee’s actual results, performance or expectations to differ from any forward-looking statements, please see the information set forth in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of NuZee’s public filings and other filings by NuZee with the SEC.
NuZee, Inc., (NASDAQ: NUZE) is a leading co-packaging company for single-serve coffee formats that partners with companies to help them grow in the single-serve coffee category and house brand.
SOURCE NuZee, Inc.