Boxlight Receives $22,000,000 Investment from The Lind Partners
September 22 2020 - 9:00AM
Business Wire
Investment increases cash available for future
acquisitions
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 $22,000,000 with Lind Global Macro Fund, LP, an
investment fund managed by The Lind Partners, a New York based
institutional fund manager.
"Proceeds from the investment, along with the $34.5 million in
gross proceeds from our July 2020 offering, will be used for future
acquisition opportunities," said Michael Pope, Chairman and Chief
Executive Officer at Boxlight. “Specifically, we are targeting
companies for acquisition that will either increase our global
footprint or enhance our solutions portfolio for the education
market. Potential candidates will be immediately accretive,
generate significant revenues, produce positive earnings, and
exhibit substantial growth potential.”
The investment is in the form of a $22,000,000 convertible note
with a 24-month maturity, a 4% APR (0% APR if the Company’s stock
price is trading above $3.50), and a fixed conversion price of
$3.50 per share of Boxlight’s Class A voting common stock.
Principal payments are due in 20 monthly installments beginning
November 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,
Lind Global Macro Fund will have the option of converting 25
percent of the outstanding face value into shares of Boxlight Class
A common stock.
"We are pleased to provide another follow-on investment to
Boxlight," said Phillip Valliere, managing director at The Lind
Partners. “Boxlight’s management team has exhibited a strong
history of integrating successful acquisition targets, and we are
confident in their ability to continue to grow through future
acquisitions as well as organically. We are also impressed with the
company’s progress over recent quarters including new product
launches and partnerships, significant contract wins, improved
earnings and healthy working capital.”
About Boxlight Corporation
Boxlight Corporation (Nasdaq: BOXL) is a leading provider of
technology solutions for the global learning market. The company
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. Boxlight encourages you to review
other factors that may affect its future results in its filings
with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200922005314/en/
Media Relations Sunshine Nance +1 360-464-2119 x254
sunshine.nance@boxlight.com Investor Relations Michael Pope
+1 360-464-4478 Investor.relations@boxlight.com
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