Exhibit 99.1
Inuvo, Inc. Announces Closing of $10.75 Million Underwritten Public
Offering of Common Stock
LITTLE ROCK, AR JULY 27, 2020 – INUVO, INC. (NYSE AMERICAN:
INUV) (“Inuvo” or the “Company”), a leading
provider of marketing technology, powered by IntentKey™
artificial intelligence that serves brands and agencies, today
announced the closing of its previously announced
underwritten public offering for total gross proceeds of
$10,750,000, before deducting underwriting discounts, commissions
and other offering expenses payable by the company. Inuvo sold an
aggregate of 21,500,000 shares of its common stock at a purchase
price to the public of $0.50 per share in this offering, which
included the full exercise by the underwriters of the
over-allotment option of 1,500,000 shares of common
stock.
Inuvo
intends to use the net proceeds from the offering for working
capital.
A.G.P./Alliance Group Partners acted as sole book-running manager
for the offering.
Copies
of the final prospectus supplement and accompanying prospectus
related to the offering may be obtained from A.G.P./Alliance Group
Partners, 28th Floor, New York, NY
10022 or via telephone at 212-624-2006 or email:
prospectus@allianceg.com.
Electronic copies of the final prospectus supplement and
accompanying prospectus are also available on the SEC’s
website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Inuvo
Inuvo®, Inc. (NYSE American: INUV) is a market leader in
artificial intelligence, aligning and delivering consumer-oriented
product & brand messaging strategies online based on powerful,
anonymous and proprietary consumer intent data for agencies,
advertisers and partners. To learn more, visit
www.inuvo.com.
About the IntentKey™
Inuvo®’s IntentKey™ is a patented,
machine-learning technology designed to mirror the manner in which
the human brain instantly associates ideas, emotions, places,
people, and objects. It creates an accurate, high-definition
picture of consumer intent and sentiment related to a particular
topic or item. Inuvo harnesses the power of the IntentKey™ to
discover and reach high volumes of incremental in-market and
relevant audiences that are hidden from typical marketing
approaches. The IntentKey™ enables pinpoint media execution
reaching consumers throughout the purchasing funnel all the way to
conversion.
Forward-Looking Statements
This press release includes certain “forward-looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, which are intended to
qualify for the “safe harbor” from liability
established by the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact are
forward-looking statements. Forward-looking statements include,
without limitation, statements about the anticipated use of the net
proceeds of the offering; and other risks and uncertainties
detailed in Inuvo, Inc.’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2019, as amended, subsequent
Quarterly Report on Form 10-Q for the period ended March 31, 2020
and our other filings with the SEC. Additionally, forward looking
statements are subject to certain risks, trends, and uncertainties
including the continued impact of Covid-19 on Inuvo’s
business and operations. Inuvo cannot provide assurances that the
assumptions upon which these forward-looking statements are based
will prove to have been correct. Should one of these risks
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those expressed or implied
in any forward-looking statements, and investors are cautioned not
to place undue reliance on these forward-looking statements, which
are current only as of this date. Inuvo does not intend to update
or revise any forward-looking statements made herein or any other
forward looking statements as a result of new information, future
events or otherwise. Inuvo further expressly disclaims any written
or oral statements made by a third party regarding the subject
matter of this press release.
Inuvo Company Contact:
Wally Ruiz
Chief Financial Officer
Tel (501) 205-8397
wallace.ruiz@inuvo.com
Investor Relations:
KCSA Strategic Communications
Valter Pinto, Managing Director
Tel (212) 896-1254
Valter@KCSA.com