Business
The Glimpse Group Announces a $15.0 Million Private Placement Financing with Institutional Investors
NEW YORK, NY / ACCESSWIRE / October 29, 2021 / The Glimpse Group, Inc. (NASDAQ:VRAR) (FSE:9DR) ("Glimpse" or the "Company"), a diversified Virtual Reality and
About this update from The Glimpse Group, Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / October 29, 2021 / The Glimpse Group, Inc. (NASDAQ:VRAR) (FSE:9DR) (\"Glimpse\" or the \"Company\"), a diversified Virtual Reality and Augmented Reality (\"VR\" and \"AR\") platform company providing enterprise-focused VR and AR software & services solutions today announced that it entered into a securities purchase agreement with certain institutional investors to purchase $15.0 million worth of its common stock and warrants in a private placement.Under the terms of the securities purchase agreement, the Company sold 1,500,000 shares of its common stock and warrants to purchase 750,000 shares of common stock. The warrants have an exercise price of $14.68 per share. The warrants will expire five years from the date they can be exercised. The purchase price for one share of common stock and half a corresponding warrant was $10.00. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $13.7 million after deducting the placement agent's fees and other estimated offering expenses. The offering is expected to close on or about November 2, 2021, subject to the satisfaction of customary closing conditions.Lyron Bentovim, President & CEO of Glimpse commented: \"The Company was well financed prior to this offering, with over $12.0 million of cash, no material liabilities and a controlled cash burn. The proceeds of this financing, in a structure that is healthy to the company, with a select number institutional investors and at a price that is approximately 43% above our recent July 1, 2021 IPO price, will significantly solidify our financial base while providing sufficient capital for us to effectively pursue many of the significant growth opportunities in front of us.\"EF Hutton, division of Benchmark Investments, LLC, is acting as exclusive placement agent for the offering.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About The Glimpse Group, Inc.The Glimpse Group (NASDAQ: VRAR) (FSE: 9DR) is a diversified Virtual and Augmented Reality pla...