Akerna Corp. KERN closed its previously announced underwritten public offering of 29.38 million units of the company consisting of 29.38 million shares of common stock together with common stock warrants to purchase up to 29.38 million shares of common stock and 14.09 million pre-funded units, consisting of 14.09 million pre-funded warrants, with each pre-funded warrant exercisable for one share of common stock, together with common warrants to purchase up to 14.09 million shares of common stock.

The units were sold at a public offering price of $0.23 per unit and the pre-funded units were sold at a public offering price of $0.2299 per pre-funded unit. The pre-funded warrants are immediately exercisable at a nominal exercise price of $0.0001 or on a cashless basis and may be exercised at any time until all of the pre-funded warrants are exercised in full. The common warrants have an exercise price of $0.23 per share subject to certain adjustments, are immediately exercisable and will expire five years from the date of issuance.

The gross proceeds to the company from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants, were approximately $10 million.

The company intends to use the net proceeds from this offering for general corporate purposes, including servicing our ongoing debt obligations under our convertible notes, working capital, marketing, product development and capital expenditures.

A.G.P./Alliance Global Partners acted as sole book-running manager for the offering.

Photo by Mackenzie Marco on Unsplash

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