Xcel Brands, Inc. Announces Pricing of $2.42 Million Public Offering of Common Stock and Concurrent Private Placement

NEW YORK, March 15, 2024 (GLOBE NEWSWIRE) -- Xcel Brands, Inc. (“Xcel”; NASDAQ: XELB), a media and consumer products company engaged in the design, licensing, marketing, live streaming and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and consumer products, and the acquisition of dynamic consumer lifestyle brands, today announced the pricing of its previously announced underwritten public offering of shares of its common stock. All of the shares of common stock are being sold at a public offering price of $0.65 per share, for gross proceeds of $2,134,874, before underwriting discounts and commissions and offering expenses, and included participation from members of Xcel’s management. The offering is expected to close on or about March 19, 2024. Additionally, members of Xcel management, including Robert D’Loren, Xcel’s Chairman, Chief Executive Officer and President, have executed subscription agreements to purchase 294,642 shares of common stock from Xcel in a private placement for an aggregate purchase price of $288,749 at $0.98 per share, the consolidated closing bid price of the common stock on March 14, 2024

Craig-Hallum Capital Group LLC is acting as the sole managing underwriter for the offering.

The securities are being offered pursuant to a shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on January 26, 2024, and declared effective by the SEC on February 6, 2024. The offering of securities will be made only by means of the prospectus and prospectus supplement that forms a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to, and describing the terms of, the offering, will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South 9th Street, Suite 350, Minneapolis, Minnesota 55402, by telephone at [phone], or by email at [e-mail].