Netcapital Announces Closing of $4 Million Public Offering

The Company intends to use the net proceeds from this offering for sales and marketing, and for general working capital purposes.

Netcapital Inc., a digital private capital markets ecosystem, announced the closing of its previously announced public offering of 16,000,000 shares of common stock, together with series A-1 warrants to purchase up to 16,000,000 shares of common stock and series A-2 warrants to purchase up to 16,000,000 shares of common stock at a combined public offering price of $0.25 per share (or pre-funded warrant in lieu thereof) and associated warrants. The Series A-1 Warrants have an exercise price of $0.25 per share, are exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the warrants and will expire five years thereafter. The Series A-2 Warrants have an exercise price of $0.25 per share, are exercisable beginning on the effective date of stockholder approval of the issuance of the shares issuable upon exercise of the warrants and will expire eighteen months thereafter.

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H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering were approximately $4 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for sales and marketing, and for general working capital purposes.

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