Heritage Global Inc. Prices Public Offering of Common Stock

Heritage Global Inc. (Nasdaq: HGBL) (“Heritage Global,” “HGI” or the “Company”), an asset services company specializing in financial and industrial asset transactions, today announced the pricing of its previously announced underwritten public offering of 4,750,000 shares of its common stock at a price to the public of $1.75 per share. In addition, HGI has granted the underwriters a 30-day option to purchase up to 712,500 additional shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on October 6, 2020, subject to customary closing conditions.

The gross proceeds to HGI from the public offering, before deducting underwriting discounts and commissions and offering expenses payable by HGI, are expected to be approximately $8.3 million. HGI intends to use the net proceeds from the public offering for general corporate purposes, which may include, without limitation, the expansion of the businesses of Heritage Global Capital LLC and Heritage Global Partners, Inc., working capital and growth capital.

Lake Street Capital Markets LLC is acting as sole book-running manager for this offering. Colliers Securities LLC is acting as the co-manager for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-248578) that was declared effective by the Securities and Exchange Commission (the “SEC”) on September 15, 2020. A preliminary prospectus supplement related to the offering has been filed with the SEC and a final prospectus supplement with the final terms of the offering will be filed with the SEC and will be available on the SEC’s website, located at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from Lake Street Capital Markets, LLC, Attention: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402, or by calling [phone], or by emailing [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor shall there be any offer or 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. Any offer, if at all, will be made only by means of a prospectus supplement and accompanying prospectus, which are a part of the effective registration statement.