NEW YORK, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Mohawk Group Holdings, Inc. (NASDAQ:MWK) (“Mohawk”), the tech-enabled, ecommerce consumer products company, today announced that on August 24, 2020, Mohawk terminated its Equity Distribution Agreement, dated July 30, 2020 (the “Equity Distribution Agreement”), effective as of August 24, 2020. Pursuant to the Equity Distribution Agreement, Mohawk could offer and sell, from time to time, shares of Mohawk’s common stock having an aggregate offering price of up to $30,000,000.
“It’s prudent at this time to discontinue our ATM program given the successful completion of our recent financing and the acceleration of our accretive M&A strategy," said Yaniv Sarig, Co-Founder and CEO of Mohawk. "We are very pleased with the recent acquisition of Truweo and the speed at which we have begun to integrate the brand onto our CPG platform. We believe that our capital needs are not best served through the use of an ATM program at this time.”
During the term of the Equity Distribution Agreement, Mohawk did not sell any shares of its common stock thereunder.