1847 Goedeker Inc., a one-stop e-commerce destination for appliances and furniture, recently announced the closing of two 10% OID senior secured promissory notes, each with four-year warrants to purchase 200,000 shares of the Company’s common stock at an exercise price of $12.00, for an aggregate of $5 million in gross proceeds and approximately $4.59 million in net proceeds.
“We are continuing to build on our orders and sales momentum leading into our acquisition of Appliances Connection and remain on target to complete the transaction in the second quarter,” said Doug Moore, CEO of Goedeker’s in a statement. “The underlying trends that have driven our double and triple-digit growth in recent months remain persistent, and we are in a great position to capitalize on the growing opportunities.”
“In advance of the pending acquisition of Appliances Connection, Goedeker’s chose to move quickly to buy more appliance inventory to meet the continued rising demand through the online channel. While product supply constraints in the industry remain ongoing, this financing gives us the capital to further expand our inventory and satisfy more customers in the near term,” continued Moore.
Albert Fouerti, President, Appliances Connection, stated, “We continue to share our excitement and support for the combined companies and look forward to working as one team. As we shared in our most recent press release, record orders and consumer interest at both companies is creating and will create a powerful force in the consumer appliance business.”
Full details of the financing are available in an 8-K filed on March 25, 2021.
About 1847 Goedeker Inc.
1847 Goedeker Inc. is an industry leading e-commerce destination for appliances, furniture, and home goods. Since its founding in 1951, Goedekers has transformed from a local brick and mortar operation serving the St. Louis metro area to a respected nationwide omnichannel retailer that offers one-stop shopping for national and global brands. While the Company maintains its St. Louis showroom, over 95% of sales are placed through its website (www.Goedekers.com).Goedekers provides visitors an easy to navigate shopping experience and offers more than 141,000 items organized by category and product features. Learn more at www.Goedekers.com.
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