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Data Storage Corporation Announces Pricing Of $8.3 Million Registered Direct Offering Priced At-The-Market

Data Storage Corporation, a provider of diverse business continuity, disaster recovery protection, and cloud infrastructure solutions and services, announced it has entered into a securities purchase agreement with certain accredited institutional investors (the “Purchase Agreement”) to purchase approximately $8.3 million of its shares of common stock in a registered direct offering and warrants to purchase shares of its common stock in a concurrent private placement priced at-the-market under Nasdaq rules. The combined purchase price for one share of common stock and 0.75 warrants is $6.04.

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Pursuant to the terms of the Purchase Agreement, DSC has agreed to sell 1,375,000 shares of its common stock and warrants to purchase up to an aggregate of 1,031,250 shares of its common stock. The warrants will be immediately exercisable, will expire on the five year and six-month anniversary of the issuance date and will have an exercise price of $6.15 per share.

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DSC expects the gross proceeds from the registered direct offering and concurrent private placement to be approximately $8.3 million before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about July 21, 2021, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-257812), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on July 16, 2021. The warrants issued in the concurrent private placement and shares issuable upon the exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the shares of common stock will be filed by DSC with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus

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