-Company Enters Note Purchase Agreement for
up to $6.56 Million-
The Marygold Companies, Inc. ("TMC" or the "Company") (NYSE
American: MGLD), a diversified global holding firm, today announced
it has secured $4.38 million in funding as part of a $6.56 million
total private placement with Streeterville Capital, LLC, an
institutional investment firm, through the sale of the Company’s
secured promissory note.
Net proceeds will be used exclusively to implement next-stage
initiatives for the Company’s Marygold & Co. project, including
initial marketing of its recently developed fintech app., a digital
platform alternative to traditional banking that enables users to
spend, invest and save.
“As part of our strategic plan to develop and test the viability
of the platform, we invested more than $15 million over the past
five years from cash and profits internally generated by our
operating subsidiaries,” said Nicholas Gerber, TMC’s chief
executive officer. “With the critical development and initial
testing phase now successfully behind us, we are pleased to have
attracted external funding for the rollout stage, which we believe
attests to the uniqueness of the app and the long-term potential of
its commercial success.
“The app was soft-launched in the U.S. in 2023 by our
Denver-based subsidiary, Marygold & Co., and plans are underway
for further U.S. market penetration. Through our Marygold & Co.
(UK) subsidiary, we recently acquired two UK-based investment
advisory firms with established client bases that we believe will
provide a solid marketing foundation when we introduce the app in
the U.K. later this year,” Gerber added.
The app, which features a digital wallet as well as a physical
debit card, is akin to having a fully secured, private banking
experience on a cell phone to manage finances anywhere, anytime,
with no banking fees or minimums. It allows users to organize
finances, while helping them save for personal financial goals. It
is currently available in the U.S. at no cost in both Apple and
Google app stores for iOS and Android devices. Additional features
include unlimited money pool investing, with customized portfolios
and user-selected time-based objectives; PayAnyone™ capability,
authorizing users to send payments to anyone in the U.S.,
regardless of whether they have a Marygold & Co. account;
contactless payment options; and more.
Maxim Group LLC served as exclusive agent for the private
placement. Funding for the second portion is anticipated for
January 2025, subject to satisfaction of certain conditions, with
expected proceeds to TMC before expenses of approximately $2.0
million. A full description of the terms and conditions of the
transaction, as well as the exhibits filed therewith, can be found
in the Company’s Current Report on Form 8-K, filed today with the
SEC and available at www.sec.gov.
Securities associated with the private placement have not been
registered under the Securities Act of 1933, as amended, and may
not be resold in the U.S., except pursuant to an effective
registration statement with the U.S. Securities and Exchange
Commission, or an exemption from registration under the Securities
Act and any applicable state securities laws. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy, nor will there be any sales of associated securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
About Marygold & Co. and Marygold & Co. (UK)
Marygold & Co., https://marygoldandco.com/, headquartered in
Denver, Colo., is a wholly owned TMC subsidiary established in 2019
to explore opportunities in the financial technology sector.
Marygold & Co. (UK) Limited, https://marygoldandco.uk/, also a
wholly owned TMC subsidiary, was established in the U.K. 2021 and
operates through two U.K.-based investment advisory business units:
Tiger Financial & Asset Management Limited (“Tiger”), acquired
in 2022, http://www.tfam.co.uk/, and Step-by Step Financial
Planners, acquired in 2024, https://www.sbsfp.co.uk/, that manage
clients’ financial wealth across a diverse product range.
About The Marygold Companies, Inc.
The Marygold Companies was founded in 1996 and repositioned as a
global holding firm in 2015. The Company currently has operating
subsidiaries in financial services, food manufacturing, printing,
security systems and beauty products, under the trade names USCF
Investments, Marygold & Co., Tiger Financial & Asset
Management Limited, Step By Step Financial Planners, Gourmet Foods,
Printstock Products, Brigadier Security Systems and Original
Sprout, respectively. Offices and manufacturing operations are in
the U.S., New Zealand, U.K., and Canada. For more information,
visit www.themarygoldcompanies.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of U.S. federal securities laws. Words such as
“expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may” “will,” “could,” “should”
“believes,” “predicts,” “potential,” “continue” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements, including, but not
limited to, introducing the Company’s mobile fintech app in the UK
later this year and its long-term commercial success, involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expected results and,
consequently, you should not rely on these forward-looking
statements as predictions of future events. These forward-looking
statements and factors that may cause such differences include,
without limitation, satisfaction of customary closing conditions
related to the offering, the expected timing of the closing of the
offering and the risks disclosed in the Company’s Annual Report on
Form 10-K filed with the Securities and Exchange Commission and in
the Company’s other filings with the Securities and Exchange
Commission. The foregoing list of factors is not exclusive. Readers
are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Except as
required by law, the Company disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240924438824/en/
Media and investors, for more Information, contact: Roger
S. Pondel PondelWilkinson Inc. 310-279-5965 rpondel@pondel.com
Contact the Company: David Neibert, Chief Operations
Officer 949-429-5370 dneibert@themarygoldcompanies.com
Marygold Companies (AMEX:MGLD)
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