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NuZee closes underwritten public offering of common stock at $9.00 per share

NuZee offering
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PLANO, Texas, U.S. – NuZee, Inc. (NASDAQ: NUZE) (“NuZee”), a single-serve pour-over coffee producer and co-packer, announced yesterday the closing of its previously announced underwritten public offering (the “Offering”) of 700,000 shares of its common stock (the “Shares”), at a price to the public of $9.00 per share.

The net proceeds from the Offering, after deducting underwriting discounts and commissions and estimated Offering expenses payable by NuZee, are expected to be approximately $5.3 million. In addition, NuZee has granted the underwriters a 45-day option to purchase up to 105,000 additional shares of NuZee’s common stock at the same initial price to the public less underwriting discounts and commissions, and on the same terms and conditions, to cover over-allotments, if any.

NuZee intends to use the net proceeds from the Offering for working capital and general corporate purposes. The Company’s common stock began trading on the NASDAQ Capital Market on June 19, 2020, under the symbol NUZE.

The Benchmark Company, LLC acted as sole book-running manager for the Offering.

The Shares described above were offered by NuZee pursuant to a registration statement on Form S-1 (No. 333-234643) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 18, 2020.

The Shares were offered only by means of a prospectus. A final prospectus relating to and describing the terms of the Offering was filed with the SEC. Electronic copies of the final prospectus relating to the Offering may be obtained by visiting the SEC’s website located at http://www.sec.gov or by contacting The Benchmark Company, Attention: Prospectus Department, 150 E. 58th Street, 17th floor, New York, NY 10155, by email at prospectus@benchmarkcompany.com, or by telephone at (212) 312-6700.