05:04 AM EDT, 04/24/2024 (MT Newswires) -- Kartoon Studios ( TOON ) said late Tuesday it has completed an initial $4 million tranche of its registered direct offering of common shares and pre-funded warrants.

Under a securities purchase agreement dated April 18, the company may sell up to 7 million common shares and/or pre-funded warrants to purchase common shares. The company said 3.9 million common shares and 100,000 pre-funded warrants were sold in the first tranche.

The company may receive up to an additional $3 million in gross proceeds from the remaining up to three tranches of the offering.

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