Business
Boxlight Receives $1.25 Million Follow-On Investment from The Lind Partners
Investment will provide additional working capital to fuel continued growth LAWRENCEVILLE, Ga.--(BUSINESS WIRE)-- Boxlight Corporation (Nasdaq:BOXL), a
About this update from Boxlight Corporation
[{"type":"text","content":"\nInvestment will provide additional working capital to fuel continued growth\n\n LAWRENCEVILLE, Ga.--(BUSINESS WIRE)--\nBoxlight Corporation (Nasdaq:BOXL), a leading provider of interactive technology solutions for the global education market, today announced its entry into a funding agreement for gross proceeds of $1,250,000 (the \"Investment\") with Lind Global Macro Fund, LP, an investment fund managed by The Lind Partners, a New York based institutional fund manager.\n\n\nThis Investment is in addition to $4,000,000 previously invested by Lind Global Macro Fund, LP in March 2019.\n\n\n\"We are fortunate to have The Lind Partners as an investor in Boxlight. This capital infusion will increase our working capital and better position us for aggressive growth in 2020,\" said Chief Executive Officer of Boxlight, Mark Elliott. \"Proceeds from the investment will allow us to increase our inventory balances and fuel topline growth, including sales of our newly introduced MimioClarity audio distribution system and MyBot coding and robotics solution.\"\n\n\n\"Our continued investment in Boxlight is evidence of our confidence in the company’s management team and growth strategy for K-12 education,\" said Phillip Valliere, managing director at The Lind Partners. \"The education technology industry is fragmented with dozens of providers in each classroom category. Boxlight has a unique strategy as a total solution provider, offering a cohesive suite of award-winning hardware, software and professional services solutions, and we believe they have the potential to emerge as a global leader.\"\n\n\nThe Investment is in the form of a $1,375,000 convertible note with a 24-month maturity, 8% APR and a fixed conversion price of $2.50 per share of Boxlight’s Class A voting common stock. Principal payments are due in 18 monthly installments beginning June 2020. Under the terms of the note, Boxlight has the right to make principal and interest payments in the form of either cash or Class A common stock.\n\n\nBoxlight also has the right to prepay the convertible note at any time without penalty (the \"Buy-Back Right\"). Should Boxlight choose to exercise its Buy-Back Right, The Lind Group will have the option of converting 25 percent of the outstanding face value amount into shares of Boxlight Class A common stock.\n\n\nThe convertible note is sec...