Fitell Corporation Announces $10.0 Million Registered Direct Offering

Core Viewpoint - Fitell Corporation has announced a definitive agreement for a registered direct offering of approximately 1,992,032 ordinary shares and warrants, aiming to raise about $10 million for the development of smart fitness equipment and general corporate purposes [1][3]. Group 1: Offering Details - The offering price is set at $5.02 per ordinary share, with warrants exercisable at the same price, valid for five years [1]. - The expected closing date for the offering is around February 10, 2025, pending customary closing conditions [1]. Group 2: Financial Proceeds and Use - The gross proceeds from the offering are anticipated to be approximately $10 million before deducting fees and expenses [3]. - The net proceeds will be utilized for the development and commercial launch of smart fitness equipment, general corporate purposes, and potentially for acquiring complementary businesses or technologies [3]. Group 3: Company Overview - Fitell Corporation operates as an online retailer of gym and fitness equipment in Australia, serving over 100,000 customers [6]. - The company offers products under its proprietary brands, including Muscle Motion, Rapid Motion, and FleetX, with a portfolio of over 2,000 stock-keeping units (SKUs) [6].