Mobivity Completes $3.3 Million Early Warrant Conversion of Existing Warrantholders
Mobivity Holdings Corp. a global provider of customer engagement solutions that increase customer engagement through mobile messaging and personalized digital offers, and drives digital transformation for brands, announced the closing of the previously announced early exercise of warrants to purchase common stock. This private placement brought gross proceeds to Mobivity of $3.3 million. The private placement will strengthen Mobivity’s balance sheet and accelerate growth into 2021.
As was previously announced, the exercised warrants were originally issued by Mobivity in a private placement that closed in September of 2019. All of the holders of the September 2019 class of Warrants exercised early and have received a new warrant to purchase common stock at $2.00 per share for every one exercised. These new warrants expire three years from their original issue.
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“The proceeds from this early warrant conversion will allow us to capitalize on the tremendous tailwinds propelling digital transformation across our target markets,” commented Dennis Becker, Mobivity Chairman and CEO. “As partnerships such as Par Technologies and Pepsi expand our sales pipeline, we will be focusing on expanding our sales and marketing resources to accelerate new customer acquisition and revenue growth. We’re excited to have the support of these investors and excited to continue Mobivity’s transformation in 2021.”
Details of the warrant conversions will be available by way of a Form 8-K to be filed by Mobivity with the Securities and Exchange Commission (the “SEC”).
The warrants to be issued in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Accordingly, these securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction or an appropriate exemption therefrom.
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