Fitell prices 1.99M shares at $5.02 in registered direct offering

Fitell (FTEL) Corporation has entered into a definitive agreement with an institutional investor for the issuance and sale in a registered direct offering of an aggregate of 1,992,032 ordinary shares and warrants to purchase up to 1,992,032 ordinary shares, at a purchase price of $5.02 per ordinary share and associated warrant. The warrants will have an exercise price of $5.02 per share, will be exercisable immediately upon issuance and will expire five years following the issaunce date. The offering is expected to close on or about February 10, 2025, subject to the satisfaction of customary closing conditions. Rodman & Renshaw is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from the offering are expected to be approximately $10M, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds for the development and commercial launch of smart fitness equipment and for general corporate purposes and working capital. The Company may also use a portion of the net proceeds from this offering to acquire or invest in complementary businesses, technologies, or other intellectual property, although the Company has no present commitments or agreements to do so.