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Mobiquity Technologies, Inc. Announces Closing of $10.3 Million Public Offering

Mobiquity Technologies, Inc., a leading provider of next-generation advertising, announced the closing of its previously announced underwritten public offering of units for gross proceeds of approximately $10.3 million, prior to deducting underwriting discounts and commissions and offering expenses payable by the company and excluding any exercise of the underwriters’ option to purchase any additional securities as described herein.

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The public offering was comprised of 2,481,928 units, priced at a public offering price of $4.15 per unit, consisting of an aggregate of 2,481,928 shares of common stock and warrants to purchase 2,481,928 shares of common stock. The warrants have an exercise price of $4.98 per share and are exercisable for five years.

In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 372,289 shares and 372,289 warrants at the public offering price less the underwriting discounts and commissions.

The Company has been approved to list its common stock and warrants comprising of the units on the Nasdaq Capital Market under the symbols “MOBQ” and “MOBQW,” respectively.

The Company intends to use the net proceeds primarily for recruiting sales and support personnel, the purchase of digital media ad space inventory, expansion of our technology, repayment of short-term debt and for other general working capital and other corporate purposes.

Ruskin Moscou Faltischek P.C. acted as legal counsel to the Company.

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Spartan Capital Securities, LLC and Revere Securities LLC acted as joint book-running managers for this offering. Anthony L.G., PLLC acted as legal counsel to the underwriters.

The public offering was made only by means of a prospectus. Copies of the prospectus may be obtained, from: Spartan Capital Securities, LLC, 45 Broadway, New York, NY 10006, at (212) 293-0123.

PREDICTIONS-SERIES-2022

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 8, 2021. 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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