Tuesday, April 20, 2021 6:46:20 AM
6:00 AM ET 4/20/21 | GlobeNewswire
Nightfood Successfully Raises Equity Growth Capital, Eliminates 100% of Convertible Debt
Tarrytown, NY, April 20, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Nightfood, Inc. (OTCQB: NGTF), the better-for-you snack company targeting the $50 billion Americans spend annually on nighttime snacks, announced today that the Company has successfully completed a financing round totaling $4,500,000, and eliminated all convertible debt.
"I'd like to congratulate our long-term investors that have been so supportive of our efforts now that we're at a key inflection point," commented Nightfood CEO Sean Folkson. "I view 2021 as a 'transformative' year for Nightfood. The fact that we were able to substantially strengthen our balance sheet by successfully renegotiating and retiring over $4,000,000 in debt and payables since January 1st is an important part of our transformation."
The equity financing round was comprised of $3,000,000 in cash plus the rollover of $1,500,000 of pre-existing debt into the new equity offering. The preferred equity shares sold are convertible to common stock at a fixed price of $.20 and warrants at $.30. The full terms and conditions of the preferred stock offering can be accessed via the Company's U.S. Securities & Exchange Commission filings in an 8K expected to be filed today.
After debt retirement and fees, the Company received over $1,400,000 in growth capital to support major 2021 initiatives, including the launch of Nightfood ice cream into Walmart stores.
"It's very exciting that our biggest debtholder exchanged their remaining debt for equity," continued Folkson. "They know we're a stronger company today as we're rolling into Walmart with a fantastic marketing plan, a national hotel opportunity, operating capital in the bank, and a clean balance sheet with zero convertible debt. We're set up for a great run, and this financing takes us one step closer to a potential uplist to the Nasdaq or NYSE."
Nightfood ice cream launched in 2019 and has now secured distribution in several of the largest grocers in the United States, including divisions of Kroger, Albertson's, H-E-B, and now Walmart. The Company also recently partnered with a global hotel brand to test the sale of Nightfood in the retail freezers of their in-lobby grab-and-go shops. Success in the ongoing three-month test is expected to bring national hotel distribution for the sleep-friendly ice cream in 2021.
Over 80% of Americans snack regularly at night, combining for hundreds of millions of weekly snacks consumed between dinner and bed. With most consumers desiring better sleep, Management believes there is tremendous potential in the category of sleep-friendly nutrition, which Nightfood is pioneering.
Recent NGTF News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/28/2024 04:00:47 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/15/2024 07:46:33 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 02/15/2024 09:15:21 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/12/2024 09:21:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/02/2024 09:44:09 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 01/31/2024 09:15:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 09:15:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/29/2024 02:00:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/29/2024 01:30:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/26/2024 10:19:32 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/29/2023 08:30:37 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/12/2023 10:18:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/20/2023 09:15:21 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 09:30:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/15/2023 08:40:56 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/13/2023 04:45:17 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 10/13/2023 08:10:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/12/2023 08:15:11 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 09/29/2023 08:15:21 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/21/2023 06:07:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2023 01:39:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2023 12:20:17 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/07/2023 08:15:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/07/2023 08:15:36 PM
Green Leaf Innovations, Inc. Engages Olayinka Oyebola & Co for Two-Year Audit • GRLF • May 28, 2024 8:30 AM
HealthLynked Introduces AI-Powered Chat Function to Enhance Healthcare Accessibility • HLYK • May 28, 2024 8:00 AM
Avant Technologies Engages Wired4Tech to Evaluate the Performance of Next Generation AI Server Technology • AVAI • May 23, 2024 8:00 AM
Branded Legacy, Inc. Unveils Collaboration with Celebrity Tattoo Artist Kat Tat for New Tattoo Aftercare Product • BLEG • May 22, 2024 8:30 AM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM