Kartoon Studios Inc. has issued an exercise to its institutional and accredited investors, inviting them to exercise their common stock purchase warrants, adjusting the exercise price from $23.70 per share to $2.50 per share. This resulted in approximately $6.0 million gross proceeds to the company after a total of 2,376,550 shares of common stock were issued to the exercising holders. Along with this, new unregistered common stock purchase warrants were issued to the same investors