Dolphin Entertainment, Inc. announced that it expects to receive $1.85 million in funding
November 27, 2022
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Dolphin Entertainment, Inc. announced that it has entered into a subscription agreements with three individuals for five convertible promissory notes in the aggregate principal amount of $1,850,000 for gross proceeds of $1,850,000 on November 28, 2022. The Notes bear interest at a rate of 10% per annum. Two of the notes, in the principal amount of $450,000, mature in four years from their issuance date and the remaining three Notes mature two years from their issuance dates.
The noteholders may convert the principal balance of the Notes and any accrued interest thereon at any time before the maturity date of the Note into common stock of the Company using the 90-day trailing average trading price of the Company's common stock.
Dolphin Entertainment, Inc. is an independent entertainment marketing and production company. Through its subsidiaries, 42West LLC (42West), The Door Marketing Group LLC (The Door), and Shore Fire Media, Ltd (Shore Fire Media), the Company offers marketing and publicity services to various brands in the film, television, music, gaming, and hospitality industries. The Company operates through two segments: entertainment publicity and marketing and content production. The entertainment publicity and marketing segment provides clients with diversified services, including public relations, entertainment content marketing, strategic communications, social media and influencer marketing, celebrity booking, creative branding, and the production of promotional video content. The content production segment consists of Dolphin Films, Inc. (Dolphin Films) and a department within Dolphin, which develops, produces, and distributes feature films, television and digital content.