Recruiter.com Group Inc (NASDAQ:RCRT) has closed on its public offering that raised $12 million in gross proceeds.
In a statement, the company said it intends to use the proceeds to invest in sales and marketing efforts for its on-demand recruiting software subscription tools and services, strategic acquisitions and related expenses, and general working capital.
Recruiter.com, which started trading on the Nasdaq on June 30, offered 2.4 million units to the public at $5 apiece. Each unit consists of one share and one warrant to purchase one share of common stock at $5.50 per share.
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In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 360,000 shares of common stock and/or warrants to purchase 360,000 shares, or any combination, to cover over-allotments.
The company noted that today (July 2) the underwriter partially exercised its over-allotment option by purchasing additional warrants to purchase 360,000 shares of stock.
Recruiter.com said the stock and warrants are immediately separable from the units and will be issued separately. The warrants are exercisable immediately and expire five years from the date of issuance.
Joseph Gunnar & Co LLC is the sole book-running manager for the offering. It seeks to finance companies that are poised to accomplish great things for shareholders.
"We are pleased to have assisted Recruiter.com as it attained a national exchange listing and growth capital via this transaction," said Joseph Alagna, CEO of Joseph Gunnar.
Recruiter.com is an online hiring platform delivering on-demand recruiting technology and services to both large and small businesses. With AI and video technology, and the world's largest network of recruiters, Recruiter.com delivers on-tap recruiting that flexes with hiring needs.
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