Mill City Ventures III, Ltd. Reveals Pricing of $5 Million Public Offering, To Trade On Nasdaq Capital Market Tomorrow

Mill City Ventures III, Ltd. MCVT recently announced the pricing of its underwritten public offering of 1,250,000 shares of common stock at a public offering price of $4.00 per share, for aggregate gross proceeds of $5,000,000, before underwriting discounts and commissions.

In addition, the company has granted the underwriters a 45-day option to purchase up to 187,500 additional shares of common stock at the offering price, less the underwriting discount. The company expects to commence trading on the Nasdaq Capital Market tomorrow.

In connection with the Nasdaq listing, the company will implement a reverse split of its issued and outstanding shares of common stock at a ratio of 1 for 2.25. The reverse stock split will be effective as of the open of trading on August 9, 2022. The share numbers and pricing information in this release are adjusted to reflect the reverse stock split. The offering is expected to close on August 11, 2022, subject to customary closing conditions.

The company intends to use the net proceeds of this offering primarily for general corporate purposes, including working capital, expanded sales and marketing activities, and providing additional specialty short-term loans.

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