IMedia Brands Announces Pricing Of $15 Million Public Offering Of Common Stock

MINNEAPOLIS, Aug. 26, 2020 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (Nasdaq: IMBI) today announced the pricing of an underwritten public offering of 2,400,000 shares of its common stock, at a public offering price of $6.25 per share. In addition, iMedia Brands has granted the underwriter a 30-day option to purchase up to an additional 360,000 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 August 28, 2020, subject to customary closing conditions.

Invicta Media Investments, LLC, iMedia Brands’ largest shareholder and an affiliate of Eyal Lalo, a member of the board of directors of iMedia Brands, intends to purchase $1.6 million of shares of common stock from the underwriter in the offering at the public offering price per share.

The gross proceeds to iMedia Brands from this offering are expected to be approximately $15 million, before deducting underwriting discounts and commissions 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.

Craig-Hallum Capital Group is acting as the sole managing underwriter for the offering.

A shelf registration statement on Form S-3 (File No. 333-239857) relating to the offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the “SEC”) on July 14, 2020 and declared effective by the SEC on July 27, 2020. The shares may be offered only by means of a prospectus. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on August 25, 2020. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and made available on the SEC’s web site at Copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained, when available, by contacting Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, Attn: Equity Capital Markets, by telephone at (612) 334-6300 or by e-mail at

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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and ...

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