Oblong, Inc. (NYSE American: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today announced that it has entered into a definitive agreement with certain institutional and accredited investors to raise aggregate gross proceeds of approximately $3.0 million through a private placement of its common stock.
“We are thrilled to have implemented a comprehensive balance sheet solution that has substantially eliminated Oblong’s debt and annual interest expense”
Oblong issued an aggregate of 1,043,000 shares of the Company’s common stock in the private placement at a gross price of $2.85 per share. Additionally, investors were issued warrants to purchase 521,500 shares of the Company’s common stock. The warrants have an exercise price of $4.08 per share and have a term of 30 months. The warrants are exercisable beginning six (6) months following the closing. Subject to the registration of the common shares underlying the warrants, the warrants may be exercised only for cash, and upon exercise would generate up to an additional $2.1 million in gross proceeds to the Company. […]