American Rebel Plunges After Raising $3M Via Equity Offering

American Rebel Holdings AREB AREBW has entered into a securities purchase agreement with a single institutional investor to raise approximately $3.0 million.

The amount will be raised through the private placement of 686,499 shares of common stock and warrants to purchase 686,499 shares of common stock.

Each share of common stock is being sold together with accompanying warrants at a combined effective purchase price of $4.37.

The warrants will be immediately exercisable from the date of issuance at an initial exercise price of $4.24 per share and will expire five years from the date of issuance.

The company intends to use the net proceeds from the private placement primarily for general working capital and administrative purposes.

The closing of the private placement is expected to occur on June 30, 2023.

Price Action: AREB shares are trading lower by 34.3% at $3.61 on the last check Wednesday.