Grom Social Enterprises, Inc. Announces Closing of $4.0 Million Private Placement

BOCA RATON, Fla., Dec. 21, 2023 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc. (NASDAQ: GROM; GROMW) (“Grom” or the “Company”), a media, technology and entertainment company dedicated to family-friendly programming, web filtering technology and safe social media for kids, today announced the first closing of its previously announced private placement of a convertible promissory note with an initial principal amount of $4,000,000 (the “Notes”). The Notes are being issued pursuant to the securities purchase agreement, dated as of November 9, 2023 (as amended) with a single institutional investor (the “Investor”). In connection with the purchase and sale of the Notes, the Company has agreed to issue to the Investor, warrants to acquire a total of 1,514,072 shares of Common Stock consisting of (1) 757,036 shares of Common Stock with an exercise price of $1.78 per share of Common Stock and (ii) 757,036 shares of Common Stock with an exercise price of $.001 per share of Common Stock.

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