US Lighting Group, Inc. announced that it has entered into a common stock purchase agreement with new investor, Alumni Capital LP to purchase up to common stock for the gross proceeds of $1 million on July 14, 2023. The purchase agreement will expire on the earlier of March 31, 2024 or when Alumni Capital LP has purchased the full $1.0 million of company's stock. The per share purchase price that investor will pay for company's shares pursuant to the purchase agreement is based on the trading price of company's shares and is equal to 80% of the lowest traded price of our stock during the six business days prior to the date of the sale of the shares closes. The closing will occur no more than six business days. There are limitations on the number of shares they can request that investor purchase. The amount they request must have an aggregate value of at least $20,000 and cannot exceed $500,000. In addition, the company cannot request that investor purchase shares if the volume-weighted average price of their stock is at or below $0.01 during the previous six business days and the requested purchase of shares would cause investor to beneficially own more than 4.99% of our outstanding shares of common stock. When company entered into the purchase agreement, they also issued a common stock purchase warrant to Alumni Capital LP to purchase up to 6,666,667 shares of common stock. The warrant has a term of five years and will expire on July 14, 2028.The warrant exercise price is variable and is equal to $15.0 million divided by the number of outstanding shares of common stock at the time of exercise. The exercise price was $0.147 and investor may exercise the warrant on a cashless basis if we do not maintain an effective registration statement for the resale of the warrant shares.
US Lighting Group, Inc. announced that it will receive $500,000 in funding on August 16, 2023. The company will issue common shares in the transaction. The minimum investment accepted from any outside investor is $10,000. The company will issue securities pursuant to exemption provided under Regulation D.