Respect Your Universe, the MMA apparel brand, has raised $2.97 million in equity financing. For the investment, RYU issued 4.96 million shares of restricted common stock and two year warrants to purchase another 4.96 million shares of restricted common stock at an exercise price of $1.80 per share. If all of the investor warrants are exercised, RYU will receive an additional $8.9 million in financing.
With this investment, RYU is commencing full operations in the development and distribution of its MMA inspired apparel and merchandise. RYU commenced the offering on Friday, June 17, with intentions to raise only $2.5 million, but within days the interest and demand in the offering was so substantial the Company was able to raise an addition $474,500 and close the offering.
Chief Operating Officer Erick Siffert stated, “We are very excited about having the opportunity to move RYU forward into the marketplace and share our visions and ideas with athletes and consumers who want to wear premium performance athletic gear. I want to thank our investment partners for their trust and belief in what RYU stands for and the global opportunity it represents.”
Chief Financial Officer Steve Eklund said of the financing, “Securing the financing is the last piece to the puzzle and being able to close the financing so quickly not only shows the market interest in RYU, but frees up management to pursue our business plan. Great brand positioning, great team, great product, and now great financial partners help to establish RYU as the authentic performance brand for MMA athletes. Thanks to all of our partners who trusted our vision and respected our ability to execute the business plan. Together we will win.”
