Web3MediaBreaks – Kartoon Studios Inc. (NYSE American: TOON) Announces Initial Closing of $4M Registered Direct Offering

Kartoon Studios (NYSE American: TOON), a global end-to-end creator, producer, distributor, marketer and licensor of entertainment brands, recently announced the initial closing of a registered direct offering to a certain institutional investor. The announcement noted that the offering is pursuant to a securities purchase agreement, dated April 18, 2024, of up to 7,000,000 shares of the company’s common stock, par value $0.001 per share, and/or pre-funded warrants to purchase shares of common stock, of which 3,900,000 shares and 100,000 pre-funded warrants were issued and sold on April 23, 2024. An additional 3,000,000 shares and/or pre-funded warrants may be issued and sold to the investor at the sole option of the investor, at $1.00 per share of common stock and $0.99 per pre-funded warrant, in up to three additional closings of at least $1,000,000 in gross proceeds each, and to occur no later than 180 days following April 18, 2024. According to the announcement, Kartoon Studios received aggregate gross proceeds of $4 million from the initial closing before deducting fees and other offering expenses. The company may receive up to an additional $3 million in gross proceeds pursuant to the subsequent closings, before deductions.

To view the full press release, visit https://ibn.fm/WAcAh

About Kartoon Studios Inc.

Kartoon Studios is a global end-to-end creator, producer, distributor, marketer and licensor of entertainment brands. The company’s IP portfolio includes original animated content, including the Stan Lee brand, Stan Lee’s Superhero Kindergarten, starring Arnold Schwarzenegger, on Kartoon Channel!; Shaq’s Garage, starring Shaquille O’Neal, on Kartoon Channel!; Rainbow Rangers on Kartoon Channel! And Netflix; the Netflix Original, Llama Llama, and more. For more information, visit the company’s website at www.kartoonstudios.com.

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