On January 5, 2022, Iconic Brands, Inc. closed the transaction. The company issued 12,257.76 series A-2 convertible preferred stock, 4,301,004 common shares, warrants to purchase 40,018,583 shares of common shares for gross proceeds of $12,200,000 and net proceeds of $10,800,000 after deduction of placement agent commissions and expenses in the final tranche closing.