GRANT-VALKARIA, Fla., June 24, 2024 (GLOBE NEWSWIRE) -- Kaival Brands Innovations Group, Inc., (NASDAQ:KAVL) ("Kaival Brands", the "Company"), the exclusive U.S. distributor of all products manufactured by Bidi Vapor, LLC ("Bidi Vapor"), today announced the closing of its previously announced public offering of 3,921,500 units at a public offering price of $1.53 per unit (the "Offering"). Each unit consisted of one share of common stock (or one pre-funded warrant to purchase one share of common stock in lieu thereof) and one and one-half common warrants to purchase one and one-half shares of common stock. The common warrants have an exercise price of $1.53 per share, are exercisable immediately and expire five years following the date of issuance. Gross proceeds from the Offering, before deducting the placement agent's fees and other offering expenses, were approximately $6.0 million. Maxim Group LLC acted as sole placement agent in connection with the Offering. The Company intends to use the net proceeds from the Offering for general corporate and working capital purposes and to fund ongoing operations and expansion of its business. A registration statement on Form S-1 (File No. 333-279045) relating to the sale of these securities, as amended, was declared effective by the Securities and Exchange Commission (the "SEC") on June 21, 2024 and the Company's registration statement on Form S-1MEF (File No. 333-280372) filed with the SEC on June 21, 2024 became effective upon filing. This offering was made only by means of a prospectus. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities ...