Jupiter, FL, December 5, 2024 (GLOBE NEWSWIRE) — SRM Entertainment, Inc. (Nasdaq: SRM) (the “Company” or “SRM”), a leading provider of high-quality, creative licensed products to the media theme, announced today that it has entered into a securities purchase agreement with a certain institutional investor to purchase approximately $1.7 million of common stock (or common stock equivalents in lieu of these) in a registered direct offering at a purchase price of $0.7385 per share.
Gross proceeds to the Company from the registered direct offering are estimated to be approximately $1.7 million, before deducting placement agent fees and other estimated offering expenses. The offering is expected to close on or about December 6, 2024, subject to satisfaction of customary closing conditions.
D. Boral Capital LLC is acting as exclusive placement agent for the offering.
The proposed offering of the securities described above is being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-282028) filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on September 19, 2024, together with the accompanying prospectus contained therein.
The offering is being made only by means of a prospectus supplement and the accompanying prospectus. The prospectus supplement describing the terms of the public offering will be filed with the SEC prior to closing and will form part of the effective registration statement.
Copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting D. Boral Capital LLC Attention: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, by email at syndicate@dboralcapital.com or by telephone at (212) 970-5150.
This press release does 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 SRM Entertainment, Inc.
SRM Entertainment designs, develops and manufactures custom products including toys and souvenirs for the world’s largest theme parks and other entertainment venues. Many of SRM’s creative products are based on award-winning, multi-billion dollar entertainment franchises and featured in popular films and books. SRM products are distributed worldwide at Walt Disney Parks and Resorts, Universal Parks and Destinations, United Parks and Resorts – SeaWorld, Six Flags and other attractions. SRM products are offered alongside popular rides and attractions at theme parks, zoos, aquariums and other entertainment venues. The SRM design team developed dolls, plush and specialty toys for one of New York City’s landmarks that features a popular holiday show. The SRM design team is recognized for creating popular products that have been successfully sold at specialty theme park events. Sip With Me mugs, patented exclusively by SRM, feature fun, child-friendly zoo, sea and animal-themed characters, as well as licensed characters from The Smurfs, ICEE and Zoonicorn.
Caution Regarding Forward-Looking Statements
Certain statements contained in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plans”, “believes”, “is/are likely to”, “potential”, “continues” or other similar expressions. These statements are subject to uncertainties and risks, including, but not limited to, the risk factors discussed in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations sections. Forms 10-K, 10-Q and other reports. filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in such forward-looking statements are reasonable, it cannot assure you that such expectations will prove to be correct, and the Company cautions investors that actual results may differ materially from anticipated results and encourages investors to discuss other factors that may affect its future results in the company’s registration statement and other documents filed with the SEC. Additional factors are discussed in the Company’s SEC filings, which can be found at: www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations occurring after the date hereof, except as required by law.
Media and Investor Relations
Info@SRMentertainment.com
(407)-230-8100
website: SRMentertainment.com
