Grom Social Enterprises, Inc. (GROM) has increased to 12.96% in premarket after the company amends Private Placement to Increase Total Raise to up to $10,400,000. However, the last trading session ended at $ 3.55 with a decline of 3.01%.
Private Placement to Increase Total Raise to up to $10,400,000
On 21 October 2021, GROM announced a referral program of convertible notes and warrants. The Capital Global Opportunities Master Fund was purchased from the Company in the principal balance of $4,400,000. However, the paperwork for the private placement said that L1 Capital will make a second investment of $1,500,000, subject to certain circumstances.
The planned second investment amount has been increased to up to $6,000,000 as of October 20, 2021, for total gross proceeds to the Company of $10,400,000. The second closing is contingent on the Company gaining shareholder approval, among other things, as required by Nasdaq regulations. The net proceeds from the private placement will be used by the Company to fund future joint ventures, acquisitions, or collaborations, as well as working capital and general business purposes.
Top Draw Animation Studio
On 7th October 2021, GROM reported that Top Draw Animation (TDA) has begun work on new projects worth around $1.0 million at its large facility in Manila, Philippines. The projects, which include two recurring episodic animated TV shows, will boost Top Draw’s productivity. Not only this but it will also bolster the studio’s animation specialists, as well as Russell Hicks and Jared Wolfson to work.
Top Draw didn’t reveal the series or the customer that commissioned it due to client confidentiality. Top Draw creates animated shows, movies, specials, and short-form material for a number of prominent worldwide entertainment companies and is well-known in the animation and entertainment worlds for its high-quality production services.
Development of First Theatrical Release
GROM reported on 5th October 2021 that Curiosity Ink Media has Announced the Development of the First Theatrical Release. The company stated that the Pirate Princess, a new original intellectual property (IP) brand intended for global theatrical distribution, is in production. The Pirate Princess will be released as an original graphic book in the fall of 2022. It will act as a springboard for the film as well as potential future ancillary options such as publishing, a recurring series, and consumer items.
The firm revealed earlier this summer that it has begun production on Baldwin’s Big Adventure and that it has been recruited to turn the successful YouTube shorts Cats vs. Pickles into a recurring cartoon series. Lastly, Curiosity also announced a multi-title publishing partnership with Dynamite Entertainment, which will result in a variety of published content geared at the teenage market.
Veteran Entertainment & Media Marketing Executive
GROM announced on 8th September 2021 that Jared Wolfson is a new addition to the company’s executive team. Darren Marks, Grom’s Chairman, and Chief Executive Officer made the announcement of Wolfson’s appointment. Wolfson has created and managed innumerable great franchise properties, rearchitecting and pushing multi-media marketing projects and strategies, and led advancement, production, and functional areas for studios, amassing hundreds of half-hours of kids and family entertainment content in various formats and means of communication. Wolfson has joined Grom’s executive team too. It will be responsible for managing strategic priorities including collaborations and deal structure, processes, finance, and continuing to drive company objectives and culture.