ENGlobal Announces $3.4 Million Registered Direct Offering and Concurrent Private Placement

Feb 02, 2023

HOUSTON, TX / ACCESSWIRE / February 2, 2023 / ENGlobal Corporation (NASDAQ:ENG) ("ENGlobal" or the "Company"), a leading provider of complete project solutions for renewable and traditional energy, today announced that it has entered into a definitive agreement with a single institutional investor for the purchase and sale of 3,971,000 shares of its common stock (the "Shares"), in a registered direct offering (the "Offering") and warrants to purchase up to 3,971,000 shares of its common stock (the "Warrants"), in a concurrent private placement (the "Private Placement"). The combined purchase price for one Share and one Warrant will be $0.85. The Warrants will have an exercise price of $0.95, will be exercisable six months from the issuance date and will expire five years from the initial exercise date.

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