Boxlight closes USD 5.5 million private placement of Series D convertible preferred stock
BOXL•Conversion terms and intended use of proceeds
The preferred stock converts into Class A common stock at the greater of a floor price or 80% of the lowest close over five trading days.
Proceeds are earmarked for general corporate purposes, including working capital and debt retirement.
Private placement closed for Series D convertible preferred stock
Boxlight closed an unregistered private placement of Series D Convertible Preferred Stock, targeting up to USD 7.5 million gross proceeds.
USD 5.5 million was funded at the Aug. 6 closing; the remaining USD 2 million is tied to the effectiveness of a resale registration statement.
The deal issued 937,500 Series D shares at USD 8 each, with a stated value of USD 10, implying a 20% original issue discount.
