Boxlight Receives $1.25 Million Follow-On Investment from The Lind Partners
December 17 2019 - 8:30AM
Business Wire
Investment will provide additional working
capital to fuel continued growth
Boxlight 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.
This Investment is in addition to $4,000,000 previously invested
by Lind Global Macro Fund, LP in March 2019.
"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."
"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."
The 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.
Boxlight 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.
The convertible note is secured by a lien on all Boxlight
assets.
About Boxlight Corporation: Boxlight Corporation
(Nasdaq:BOXL) is a leading provider of technology solutions for the
global learning market. Boxlight aims to improve learning and
engagement in classrooms and to help educators enhance student
outcomes by developing the products they need. The company
develops, sells and services its integrated, interactive solution
suite including software, classroom technologies, professional
development and support services. For more information about the
Boxlight story, visit http://www.boxlight.com.
About The Lind Partners: The Lind Partners is an
institutional fund manager and leading provider of growth capital
to small- and mid-cap companies publicly traded in the US, Canada,
Australia and the UK. Lind targets high growth sectors such as
technology, biotech, clean-tech, mining and oil & gas. Founded
in 2011, Lind has completed over 70 direct investments for more
than $850 million in total value and has an established reputation
as a flexible and supportive capital partner to investee companies.
For more information, visit http://www.thelindpartners.com.
Forward Looking Statements: This press release may
contain information about Boxlight's view of its future
expectations, plans and prospects that constitute forward-looking
statements. Actual results may differ materially from historical
results or those indicated by these forward-looking statements
because of a variety of factors including, but not limited to,
risks and uncertainties associated with its ability to maintain and
grow its business, variability of operating results, its
development and introduction of new products and services,
marketing and other business development initiatives and
competition in the industry, among other things. Boxlight
encourages you to review other factors that may affect its future
results in Boxlight’s filings with the Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20191217005440/en/
Media: Lori Page Vice President, Global Marketing Mobile:
+1 404.903.1462 | Office: 866.972.1549, x247
lori.page@boxlight.com
Investor Relations: Michael Pope, Boxlight Corporation +1
360-464-4478 investor.relations@boxlight.com or Hayden IR +1
917-658-7878 BOXL@HaydenIR.com
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