Oblong Inc., a downtown-based remote meeting equipment business, has raised $5 million in a private placement in public equity, or PIPE, investment.
The company plans to issue 1.25 million shares of common stock at $4 a share pursuant to the deal. The price represents a roughly 27% discount on the company’s share price at market close on Dec. 7 — the last day of trading before the announcement.
Oblong, which trades on the New York Stock Exchange under ticker OBLG, did not disclose the investors who participated in the placement.
Oblong designs and sells setups for remote meetings across a range of sectors, including businesses, government agencies and academic institutions. Its clients include corporate titans General Electric Co., Verizon Communications Inc., Siemens and IBM Corp, according to the company, as well as the Federal Aviation Administration and the Department of Defense.