Digital Brands Group, Inc. announced that it has received $5 million in funding from Oasis Capital, LLC and another investor
August 27, 2021
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Digital Brands Group, Inc. announced that it has entered into a security purchase agreement with Oasis Capital, LLC for private placement of a senior secured convertible note at a principal amount of $5,265,000 for gross proceeds of $5,000,000 on August 27, 2021. The notes will be issued at a discount. The note bears interest rate of 6% per annum and is due and payable 18 months from the date of issuance. The Note is convertible at the option of investor into shares of the company’s common stock at a conversion price which is the lesser of $3.601, and 90% of the average of the two lowest VWAPs during the five consecutive trading day period preceding the delivery of the notice of conversion. The company paid the expenses of $15,000 as transaction fees. The transaction included participation from two investors pursuant to regulation D.
Digital Brands Group, Inc. offers a variety of apparel products through direct-to-consumer and wholesale distribution. The Company's portfolio consists of various brands, including Bailey 44, DSTLD, Stateside and Sundry. DSTLD is a digital direct-to-consumer brand, which offers stylish garments without the luxury retail markup valuing customer experience over labels. Bailey 44 is a wholesale brand, which combines fabrics and on-trend designs to create sophisticated ready-to-wear capsules for women. DSTLD offers stylish high-quality garments without the luxury retail markup valuing customer experience over labels. Stateside is a wholesale brand, which is an elevated brand with all knitting, dyeing, cutting and sewing sourced and manufactured locally in Los Angeles. Sundry offers a collection of womenâs clothing, including dresses, shirts, sweaters, skirts, shorts, athleisure bottoms and other accessory products. Sundryâs products are coastal casual and consist of colorful designs.