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American Rebel Holdings Inc (NASDAQ: AREB) has entered into a securities purchase agreement with a single institutional investor to raise about $13.0 million through the private placement of 11.7 million shares.
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Each share is being sold together with accompanying warrants at a combined effective purchase price of $1.11.
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The warrants will be immediately exercisable from the date of issuance at an initial exercise price of $0.86 per share.
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The closing of the private placement is expected to occur on July 12, 2022.
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The company intends to use the net proceeds primarily to fund the previously announced planned acquisition of the Champion Safe companies, as well as for general working capital and administrative purposes.
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Price Action: AREB shares are trading lower by 10.9% at $1.06 in premarket on the last check Friday.
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