Digital Brands Group, Inc. Announces Underwritten Public Offering Pricing

AUSTIN, TX, May 5, 2022 /PRNewswire/ — Digital Brands Group, Inc. (“Digital Brands” or the “Company”) (NASDAQ: DBGI), a curated collection of digitally-focused and luxury lifestyle brands, today announced the price of its subscribed public offer of 37,389,800 shares of its ordinary shares at a public offer price of $0.25 per share. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 5,400,000 shares of common stock at the public offering price per share, less subscription discounts and commissions, to cover over-allotments. , if applicable.

The offer is expected to close on May 10, 2022subject to customary closing conditions.

The gross proceeds of the offering to Digital Brands, before deducting underwriting discounts and commissions and other offering expenses payable by Digital Brands, are expected to be $9,347,450 millionexcluding any exercise of the underwriters’ option to purchase additional shares.

The Company intends to use the net proceeds of this offering for working capital and general corporate purposes, including the repayment of promissory notes in the principal amount of $3,068,750.

Alexander Capital, LP is acting as sole bookrunner and Revere Securities, LLC is acting as co-offering manager.

The Securities and Exchange Commission (“SEC”) declared effective a registration statement on Form S-1 (File No. 333-264347) relating to these securities on May 5, 2022. A final prospectus relating to this offering will be filed with the SEC. The offering is being made only by means of a prospectus, copies of which may be obtained from Alexander Capital, LP, 17 State Street 5th Floor, New York, NY 10004, Attention: Equity Capital Markets, or by calling (212) 687-5650 or emailing [email protected]. All investments involve risk and loss of capital is possible.

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of such state or territory.

About the Digital Brands Group

Digital Brands Group is a curated collection of lifestyle brands including Bailey 44, DSTLD, harpist and Jones, Stateside and ACE Studios, which offers a variety of apparel products through direct-to-consumer and wholesale distribution. Our portfolio of complementary brands gives us the unique opportunity to cross-reference our brands. Our goal is for our clients to wear our brands head to toe and capture what we call “closet sharing” by gaining insight into their preferences to create targeted, personalized content specific to their cohort. Operating our brands under one portfolio enables us to better utilize our technological, human capital and operational capabilities across all brands. As a result, we have been able to realize operational efficiencies and continue to identify additional cost reduction opportunities to evolve our brands and overall portfolio.

Caution Regarding Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements, including with respect to the proposed IPO. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. Although they believe these expectations, assumptions, estimates and projections to be reasonable, these forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements and, except as required by law, the Company undertakes no obligation and does not intend to update or revise such forward-looking statements, whether whether as a result of new information, future events or otherwise.

Investor contacts:

Alexander Capital, LP
Chris Carlin
[email protected]
(646) 787-8890

SOURCE Digital Brands Group, Inc.

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