Will The Rally Continue? 1847 Goedeker Inc (NYSEAMERICAN:GOED) Completes Offerings

1847 Goedeker Inc (NYSEAMERICAN:GOED) continues to moving higher in the pre-market session after soaring over 105 in Wednesday’s trading session.

Market Action

As of 8:58, GOED stock is up  by 15.21% to trade at $2.65 with more than 58K shares traded hands. Over the past year, the stock has been moving within a range of $2.4900 x 2900.

1847 Goedeker Announces Closing of $205 Million Public Offering, $70 Million Debt Financing and Acquisition of Appliances Connection

  • announced the closing of its $205 million underwritten public offering, $70 million debt financing and simultaneous closing of its acquisition of Appliances Connection, creating the largest pure-play online retailer of household appliances in the US.
  • The underwritten public offering comprised 91,111,111 units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock. Each unit was sold to the public at a price of $2.25. The gross proceeds to the Company from the offering were approximately $205 million before deducting underwriting discounts, commissions and other offering expenses.
  • This includes the exercise by the underwriters of their over-allotment option to purchase up to an additional 2,000,000 warrants. The warrants included in the units are exercisable immediately, have an exercise price of $2.25 per share and expire five years from the date of issuance. The warrants began trading on the NYSE American on May 28, 2021 under the ticker symbol “GOED WS”. The Company has granted the underwriters a 30-day option to purchase up to 2,000,000 additional shares of common stock to cover over-allotments, if any.
  • The Company utilized the net proceeds from this offering to fund a portion of the purchase price for the acquisition of Appliances Connection and plans to use the remaining net proceeds for working capital and general corporate purposes. The completion of the Appliances Connection acquisition accelerates Goedekers’ long-term vision of building a billion-dollar enterprise that changes the way Americans shop for appliances.

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