NEW YORK, Aug. 23, 2020 (GLOBE NEWSWIRE) -- Mohawk Group Holdings, Inc. (NASDAQ: MWK), the technology-enabled, consumer products company, today announced that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. Mohawk also expects to grant the underwriter of the offering a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering on the same terms and conditions. All of the shares of common stock to be sold in the offering are to be sold by Mohawk. Mohawk currently intends to use the net proceeds from the offering to acquire, invest in or license complimentary products, technologies or businesses, including the acquisition of a consumer products business with which Mohawk has entered into a definitive purchase agreement. The completion of the acquisition is subject to obtaining certain required third party approvals and the satisfaction of customary closing conditions. If Mohawk does not complete the acquisition, Mohawk may use a portion of the net proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures.
The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
About Mohawk Group Holdings, Inc.
Mohawk Group Holdings, Inc. and its subsidiaries is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing, and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. Mohawk has six owned and operated brands: hOmeLabs, Vremi, Xtava, RIF6, Holonix Health, and Aussie Health Co. Mohawk sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics.
