Mobiquity Technologies, Inc. Announces Closing of $10.3 Million Public Offering
14 December 2021 - 8:15AM
Mobiquity Technologies, Inc. (NASDAQ: MOBQ) (the “Company”), a
leading provider of next-generation advertising, announced today
the closing of its previously announced underwritten public
offering of units for gross proceeds of approximately $10.3
million, prior to deducting underwriting discounts and commissions
and offering expenses payable by the company and excluding any
exercise of the underwriters' option to purchase any additional
securities as described herein.
The public offering was comprised of 2,481,928
units, priced at a public offering price of $4.15 per unit,
consisting of an aggregate of 2,481,928 shares of common stock and
warrants to purchase 2,481,928 shares of common stock. The warrants
have an exercise price of $4.98 per share and are exercisable for
five years.
In addition, the Company has granted the
underwriters a 45-day option to purchase up to an additional
372,289 shares and 372,289 warrants at the public offering price
less the underwriting discounts and commissions.
The Company has been approved to list its common
stock and warrants comprising of the units on the Nasdaq Capital
Market under the symbols “MOBQ” and “MOBQW,” respectively.
The Company intends to use the net proceeds
primarily for recruiting sales and support personnel, the purchase
of digital media ad space inventory, expansion of our technology,
repayment of short-term debt and for other general working capital
and other corporate purposes.
Ruskin Moscou Faltischek P.C. acted as legal
counsel to the Company.
Spartan Capital Securities, LLC and Revere
Securities LLC acted as joint book-running managers for this
offering. Anthony L.G., PLLC acted as legal counsel to the
underwriters.
The public offering was made only by means of a
prospectus. Copies of the prospectus may be obtained, from: Spartan
Capital Securities, LLC, 45 Broadway, New York, NY 10006, at (212)
293-0123.
A registration statement relating to these
securities was declared effective by the U.S. Securities and
Exchange Commission (the “SEC”) on December 8, 2021. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described herein, nor
shall there be any 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 any such state or jurisdiction.
About Mobiquity
TechnologiesMobiquity Technologies, Inc. (OTCQB: MOBQ)
www.mobiquitytechnologies.com, is a next generation,
Platform-as-a-Service (PaaS) company for data and advertising. The
Company maintains one of the largest audience databases available
to advertisers and marketers through its data services division.
Mobiquity Technologies’ Advangelists subsidiary
(www.advangelists.com) provides programmatic advertising
technologies and insights on consumer behavior. For more
information, please visit: https://mobiquitytechnologies.com/
Safe Harbor StatementThis press
release contains forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, and a number
of factors could cause actual results to differ materially from
those contained in any forward-looking statement. In some cases,
forward-looking statements can be identified by words or phrases
such as "may", "will," "expect," "anticipate," "target," "aim,"
"estimate," "intend," "plan," "believe," "potential," "continue,"
"is/are likely to" or other similar expressions. Further
information regarding these and other risks, uncertainties or
factors is included in the Company's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and the Company does not undertake any duty to
update such information, except as required under applicable
law.
Mobiquity Technologies, Inc. Investor
RelationsTraDigital IRKevin
McGrath+1-646-418-7002kevin@tradigitalir.com
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