Kits Eyecare Ltd. Announces $10.15 Million Secondary Offering and Concurrent Bought Block Trade of Common Shares
Summary
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC, Sept. 5, 2024 /CNW/ - Kits Eyecare Ltd. (TSX: KITS) ("KITS" or the "Company"), a leading vertically integrated eyecare provider, announces that Roger Hardy and entities managed by Roger Hardy (the "Hardy Shareholders"), LD Group Holdings Ltd. ("LD Group") and Joseph Thompson (together with the Hardy Shareholders and LD Group, the "Selling Securityholders"), have entered into an agreement with Canaccord Genuity Corp. as sole bookrunner and sole-lead underwriter ("Canaccord Genuity" or the "Lead Underwriter"), pursuant to which the Lead Underwriter, on behalf of a syndicate (collectively, the "Underwriters"), have agreed to purchase on a bought deal basis an aggregate of 1,000,000 common shares held by the Selling Securityholders at an offering price of $10.15 per share (the "Offering Price") for total gross proceeds to the Selling Securityholders of $10,150,000 (the "Offering"). We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. The forward-looking statements contained in this press release are made as of the date of this press release, and KITS expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Funding
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