Business
uSell.com Closes $3.94 Million Equity Financing to Support Continued Growth
uSell.com Closes $3.94 Million Equity Financing to Support Continued Growth.
About this update from Phonex Holdings, Inc.
[{"type":"text","content":"Additional Capital Provides Ability to Scale with Suppliers and Capitalize on Upcoming iPhone X Trade in CycleNEW YORK, NY / ACCESSWIRE / November 27, 2017 / uSell.com (OTCQB: USEL), a large market maker of used smartphones, announced today the closing of a $3.94 million private placement. The common stock investment was done at a fixed price of $0.50 or above the public market price. No investment banker was involved. The Company agreed to file a registration statement covering the shares. A material portion of the financing was done by existing shareholders, including an investment of $100,000 from Chief Executive Officer Nik Raman.Nik Raman, Chief Executive Officer, commented, \"Our recent financing was strategically timed to enable us to take advantage of the upcoming iPhone X trade-in cycle. As demonstrated by our recently reported record quarterly revenue and gross merchandise volume, we have expanded relationships with both new and existing suppliers over the last year, and we believe that these relationships will continue to develop in 2018.\"In concert with the financing, Brian and Scott Tepfer, two principal executive officers and shareholders, each reduced their base salaries to $250,000 per year, from over $400,000. Because of short-swing profit rules, the Tepfers were not able to purchase any shares. \"Like my investment in the Company, the Tepfers' decision to dramatically reduce their base compensation indicates their shared belief in the future of uSell and We Sell Cellular,\" said Raman. \"Since the combination of our companies two years ago, we have transformed a significant portion of the We Sell Cellular operation through technology, and the potential of our technological vision is now plainly apparent to everyone.\"About uSell.com, Inc.uSell.com, Inc. is a large market maker of used smartphones. uSell acquires products from both individual consumers, on its website, uSell.com, and from major carriers, big box retailers, and manufacturers through its subsidiary, We Sell Cellular, LLC. The Company maximizes the value of these devices by reclassifying them, adding value to them, and moving them throughout the world to those who want them most. In order to serve its global and highly diverse customer base, uSell leverages both a traditional sales force and an online marketplace where professional buyers of used ...