Boxlight Receives Additional $750,000 Investment From The Lind Partners
February 06 2020 - 8:30AM
Business Wire
Investment increases working capital required
to accelerate 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 $750,000 (the "Investment") with Lind Global Macro
Fund, LP, an investment fund managed by The Lind Partners, a New
York based institutional fund manager.
With this additional $750,000 Investment, Lind Global Macro
Fund, LP has provided a total of $6,000,000 in net investment
proceeds to Boxlight during the previous 12 months.
"We are fortunate to have a supportive investment partner during
this critical stage as a company," said Chief Executive Officer of
Boxlight, Harold Bevis. "Proceeds from The Lind Partners investment
will increase our working capital and allow us to execute our
strategy of revenue growth and improved earnings. We are committed
to increased market penetration and delivering value to our
shareholders, while improving education outcomes in classrooms
globally."
"Boxlight is positioned to be a leader in K-12 education with
their award-winning solution suite, experienced management team and
global partner network," said Phillip Valliere, managing director
at The Lind Partners. "We are supportive of management’s vision and
are committed to continue to support the company as their long-term
capital partner."
The Investment is in the form of a $825,000 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
August 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 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/20200206005507/en/
Media Lori Page Vice President, Global Marketing +1
866-972-1549, x247 lori.page@boxlight.com Investor Relations
Michael Pope President +1 360-464-4478
investor.relations@boxlight.com
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