Fitell Corporation Announces Direct Offering Closing
TAREN POINT, Australia, Feb. 10, 2025 (GLOBE NEWSWIRE) — Fitell Corporation (Nasdaq: FTEL) (“Fitell” or the “Company”), an online retailer of gym and fitness equipment in Australia, today announced the closing of its previously announced registered direct offering of 796,813 ordinary shares and an additional investment right to purchase up to 1,195,220 ordinary shares in the form of warrants, at a purchase price of $5.02 per ordinary share and associated warrant. The warrants have an exercise price of $5.02 per share, are exercisable immediately upon issuance and expire three years following the issuance date. The Crone Law Group, led by Liang Shih, acted as issuer counsel.
Rodman & Renshaw LLC acted as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering were approximately $4.0 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The potential gross proceeds from the warrants, if fully exercised on a cash basis, will be approximately $6.0 million. No assurance can be given that any of the warrants will be exercised. The Company intends to use the net proceeds for the development and commercial launch of smart fitness equipment and for general corporate purposes and working capital. The Company may also use a portion of the net proceeds from this offering to acquire or invest in complementary businesses, technologies, or other intellectual property, although the Company has no present commitments or agreements to do so.
About Fitell Corporation
Fitell Corporation, through its wholly owned subsidiary GD Wellness Pty Ltd, operates as an online retailer of gym and fitness equipment in Australia. The company offers products under its proprietary brands such as Muscle Motion, Rapid Motion, and FleetX, as well as other brand names. Fitell aims to create a comprehensive fitness and wellness ecosystem powered by technology.
About The Crone Law Group P.C.
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