Stryve Foods prices 3.67M shares at 79c in public offering

Stryve Foods (SNAX) announced the pricing of a public offering priced at-market according to Nasdaq rules of 3,670,886 shares of its Class A common stock and commons stock equivalents and warrants to purchase up to an aggregate of 7,341,722 shares of its Class A common stock at a combined public offering price of $0.79 per share and associated common warrants. Each share of Class A common stock is being sold together with two warrants each to purchase one share of Class A common stock. The common warrants will have an exercise price of $0.79 per share, are exercisable following stockholder approval and have a term of exercise equal to five years following date of the stockholder approval. The closing of the offering is expected to occur on or about November 12, 2024, subject to the satisfaction of customary closing conditions. In connection with this offering, the Company also agreed to amend certain existing warrants to purchase up to 529,412 shares of its Class A common stock at an exercise price of $54.00 per share to have a reduced exercise price equal to $0.79 per share, subject to stockholder approval. Roth Capital Partners and Northland Capital Markets are acting as the co-placement agents for the offering. The gross proceeds to the Company from the offering are expected to be $2.9M, before deducting the placement agents’ fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.