10:55 AM EDT, 09/11/2024 (MT Newswires) -- (Adds million in headline)

MDJM ( MDJH ) said Wednesday that it signed a securities purchase agreement with institutional investors to raise approximately $2.5 million in a private placement of about 2.7 million units at $0.90 apiece.

Each unit will consist of 1 common share, 1 series A warrant, and 1 series B warrant, the company said. Each series A warrant will be exercisable into 1 share at a strike price of $1.35, while a series B warrant will have an exercise price of $0.001 per share, according to the statement. The warrants will be exercisable upon issuance, with a term of 3.5 years, MDJM ( MDJH ) added.

MDJM ( MDJH ) expects to close the private placement on Thursday.

Shares of MDJM ( MDJH ) were down more than 36% in recent trading.

Price: 0.70, Change: -0.40, Percent Change: -36.24