Fitell (US:FTEL) Globenewswire·2025-02-10 13:45Core Viewpoint - Fitell Corporation has revised the terms of its registered direct offering, aiming to raise approximately $4.0 million upfront, with potential additional proceeds of up to $6.0 million from warrants [1][3]. Group 1: Offering Details - The company will issue and sell 796,813 ordinary shares and warrants to purchase up to 1,195,220 ordinary shares at a price of $5.02 per share [1][3]. - The warrants will have an exercise price of $5.02 per share, are immediately exercisable, and will expire three years after issuance [1][3]. - The offering is expected to close on or about February 10, 2025, pending customary closing conditions [1]. Group 2: Financial Proceeds and Use - Gross proceeds from the offering are expected to be around $4.0 million before fees and expenses [3]. - If all warrants are exercised, potential gross proceeds could reach approximately $6.0 million [3]. - The company plans to use the net proceeds for the development and commercial launch of smart fitness equipment, general corporate purposes, and working capital [3]. Group 3: Company Overview - Fitell Corporation, through its subsidiary GD Wellness Pty Ltd, is an online retailer of gym and fitness equipment in Australia [6]. - The company has served over 100,000 customers, with a significant portion of sales coming from repeat customers [6]. - Fitell's brand portfolio includes three proprietary brands under Gym Direct: Muscle Motion, Rapid Motion, and FleetX, with over 2,000 stock-keeping units (SKUs) [6].