Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 28

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1
Chunk 28
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 fifth anniversary of the original issuance date. The units were not certificated.
The shares of common stock and publicly-traded warrants were immediately separable and were issued separately, though they were issued
and purchased together as a unit in the offering.

On December 10, 2021, we completed a private placement
with several investors, wherein a total of 4,371,926 shares of common stock were issued at a purchase price of $4.97 per share, with each
investor also receiving a warrant to purchase up to a number of shares of common stock equal to 125% of the number of shares of common
stock purchased by such investor in the private placement, or a total of 5,464,903 shares, at an exercise price of $4.97 per share, for
a total purchase price of approximately $21.7 million. The warrants were immediately exercisable on the date of issuance, expire five
years from the date of issuance and have certain downward-pricing adjustment mechanisms, including with respect to any subsequent equity
sale that is deemed a dilutive issuance, in which case the warrants were subject to a floor price of $4.80 per share before stockholder
approval of the private placement was obtained, and after stockholder approval was obtained, such floor price would be reduced to $1.00
per share, as set forth in the warrants. On December 10, 2021, the holders of shares of common stock entitled to vote approximately 65.4%
of our outstanding voting stock on December 10, 2021 approved the Company’s entry into the private placement. We filed preliminary
and definitive information statements on Schedule 14C with the Securities and Exchange Commission (the “SEC”) on December
29, 2021 and January 11, 2022, and delivered copies of the definitive information statement to stockholders or their nominees on January
12, 2022. On January 31, 2022, the stockholders’ consent became effective pursuant to Rule 14c-2 under the Exchange Act. As a result,
the exercise price of the warrants may be reduced to as low as $1.00 per share if their downward-pricing adjustment mechanisms become
applicable. The warrants issued in this private placement are not registered for resale or listed on any stock exchange and are subject
to restrictions on transfer. We engaged EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”) as our placement agent
for the