Fitell (US:FTEL) Globenewswire·2025-02-10 21:15Group 1 - Fitell Corporation has closed a registered direct offering of 796,813 ordinary shares and warrants, raising approximately $4.0 million in gross proceeds, with potential additional proceeds of up to $6.0 million from the exercise of warrants [1][3] - The purchase price for the ordinary shares and associated warrants is set at $5.02 per share, with warrants exercisable immediately and expiring three years after issuance [1][3] - The net proceeds from the offering will be used for the development and commercial launch of smart fitness equipment, general corporate purposes, and working capital, with potential investments in complementary businesses or technologies [3] Group 2 - Rodman & Renshaw LLC acted as the exclusive placement agent for the offering [2] - Fitell Corporation operates through its wholly owned subsidiary GD Wellness Pty Ltd, focusing on online retail of gym and fitness equipment in Australia, with a mission to create a technology-driven fitness and wellness ecosystem [6] - The company has served over 100,000 customers, with a significant portion of sales coming from repeat customers, and offers a diverse brand portfolio under its Gym Direct brand [6]