Dogness (International) Corporation Closes $5.66 Million Offering
DONGGUAN, China, February 24, 2022 /PRNewswire/ — Dogness (International) Corporation (“Dogness” or the “Company”) (NASDAQ: DOGZ), a developer and manufacturer of a full line of Dogness branded, OEM and private label pet products, today announced the closing of a previously announced offering from institutional investors, raising approximately $5.66 million gross proceeds from the sale of 1,966,251 common shares at a price of $2.88. The company plans to use the net proceeds from the offering for working capital and general business purposes as it continues to focus on growing its pet lifestyle business through an expanding portfolio of traditional and smart technology products.
FT Global Capital, Inc. acted as exclusive placement agent for the offering.
These securities have been sold by way of a prospectus supplement in accordance with the Company’s current shelf registration statement and the base prospectus contained therein. A shelf registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement relating to the offering was filed with the SEC on February 24, 2022.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, and there will be no sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. For additional information regarding this transaction, please see Form 6-K filed with the SEC at www.sec.gov.
Dogness (International) Corporation was founded in 2003 with the belief that dogs and cats are important and beloved members of the family. Through its smart products, hygiene products, health and wellness products and leash products, Dogness’ technology simplifies the lifestyle of pets and improves the relationship between pets and caregivers. The company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which have resulted in over 200 patents and patents pending. Dogness products reach families around the world through chain stores and global distributors. For more information, please visit: ir.dogness.com.
Nothing in this press release should be construed as an offer to buy or sell securities. Such an offer may only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release regarding our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for “safe harbor” under the Private Securities Litigation Reform Act of 1995, which involve a certain number of risks and uncertainties that could cause actual results to differ materially from those contained in such forward-looking statements. The risks and uncertainties associated with these statements include, but are not limited to, risks and uncertainties regarding the continuing effects of the Covid-19 pandemic on our customers’ businesses and the disposable income of end buyers, our ability to raise capital on special terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in currency exchange rates, our ability to manage growth, our ability to generate income from expanding operations and assets acquired in China and in the United States, our ability to attract and retain highly skilled professionals, customer concentration, concentration of industry segments, reduced demand for technology in our primary focus areas, our ability to achieve and to successfully deal with potential acquisitions and unauthorized use of our intellectual property and economic conditions affecting our industry. Additional risks that could affect our future results of operations are further described in our filings with the United States Securities and Exchange Commission. These files are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. Additionally, please note that all forward-looking statements contained herein are based on assumptions that we believe are reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company, except as required by law.
SOURCE Dogness International Corporation