iMedia Brands (IMBI) Prices 4.83M Share Common Offering at $9/Sh

iMedia Brands, Inc. (NASDAQ: IMBI) today announced the pricing of an underwritten public offering of 4,830,918 shares of its common stock, at a public offering price of $9.00 per share. In addition, iMedia Brands has granted the underwriter a 30-day option to purchase up to an additional 724,638 shares of common stock at the public offering price. All of the securities in the offering are being sold by iMedia Brands. The offering is expected to close on or about June 14, 2021, subject to customary closing conditions.

The gross proceeds to iMedia Brands from this offering are expected to be approximately $43.5 million, before deducting the underwriting discount and estimated offering expenses payable by iMedia Brands, but excluding any exercise of the underwriter’s option to purchase additional shares of common stock. iMedia Brands intends to use the net proceeds from the offering for working capital and general corporate purposes, including potential acquisitions of businesses and assets that are complementary to its operations.

B. Riley Securities, Inc. and Craig-Hallum Capital Group LLC are acting as joint book-running managers for the offering, D.A. Davidson & Co. is acting as a co-manager of the offering, and Lake Street Capital Markets, LLC is acting as a financial advisor for the offering.

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