Dogness secures $6 million in private placement deal

DONGGUAN, China and PLANO, Texas - Dogness (International) Corporation (NASDAQ: DOGZ), a company specializing in the development and manufacturing of pet products, has announced the initiation of a private placement transaction, securing $6.0 million in gross proceeds. The arrangement involves the sale of 1,200,000 Class A common shares at a price of $5.00 per share to certain non-U.S. investors. According to InvestingPro data, the company currently maintains a market capitalization of $206 million and operates with a moderate debt level, with a debt-to-equity ratio of 0.24.

The private placement is being conducted under Regulation S of the Securities Act of 1933, which allows for the transaction to be exempt from registration. The investors are aware that the shares have not been registered under the Securities Act and are subject to restrictions on resale, in accordance with both the Securities Act and applicable state securities laws, unless a registration or exemption is in place. The completion of the private placement is contingent upon customary closing conditions.

Dogness, established in 2003, has built its reputation on offering a range of pet products that aim to simplify the lives of pets and their caregivers. The company boasts a comprehensive portfolio that includes smart products, hygiene, health and wellness, and leash products. With over 200 patents and pending patents, Dogness prides itself on its fully integrated vertical supply chain and its research and development capabilities. The company’s products are distributed globally through chain stores and distributors. InvestingPro analysis shows the company has achieved significant revenue growth of 46% in the last twelve months, though it currently faces profitability challenges with negative earnings. Get access to 10+ additional ProTips and comprehensive financial metrics with InvestingPro.

The press release makes it clear that this announcement is not an offer to sell the shares nor a solicitation for offers to buy. Sales of the shares will not be made in jurisdictions where such actions would be unlawful prior to the necessary registration or qualification under the respective securities laws. Based on InvestingPro Fair Value analysis, the stock appears to be trading above its Fair Value, with a current price-to-book ratio of 2.74 and a healthy current ratio of 1.78, indicating strong short-term liquidity position.

Investors and the media are directed to contact Wealth Financial Services LLC for further inquiries. This private placement news is based on a press release statement from Dogness (International) Corporation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.