Grom Social Enterprises, Inc., a social media platform and original content provider for children under the age of 13, today announced the closing of its previously announced underwritten public offering of 2,409,639 units at a public offering price of $4.15 per unit for aggregate gross proceeds of approximately $10.0 million prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit issued in the offering was comprised of one share of common stock and one warrant to purchase one share of common stock. Each warrant is exercisable for one share of common stock at an exercise price of $4.565 per share and will expire five years from issuance. In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 361,445 shares of common stock and/or warrants to purchase up to 361,445 shares of common stock at the public offering price less the underwriting discounts and commissions. The common stock and warrants began trading on the Nasdaq on June 17, 2021 under the symbols “GROM” and “GROMW”, respectively.

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EF Hutton, division of Benchmark Investments, LLC, acted as sole book-running manager and Revere Securities LLC acted as co-manager for the offering.

The Securities and Exchange Commission (“SEC”) declared effective a registration statement on Form S-1 (File No. 333-253154) relating to these securities on June 16, 2021. A final prospectus relating to this offering was filed with the SEC. The offering was made only by means of a prospectus, copies of which may be obtained, when available, from: EF Hutton, division of Benchmark Investments LLC, 590 Madison Avenue, 39^th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicategroup@efhuttongroup.com or telephone at (212) 404-7002.

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.

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