Pareteum Announces Additional $3.75 Million Closing of Preferred Stock Offering
Pareteum Corporation, a rapidly growing cloud communications platform company, announced the issuance of $3.75 million shares of non-convertible 8% Series C Redeemable Preferred Stock at a purchase price of $100,000 per share, which is part of the Company’s previously announced offering of up to $20.0 million shares of non-convertible 8% Series C Redeemable Preferred Stock. The current round is incremental to the $5.0 million previously closed and the round was again led by the company’s largest shareholder group. The Company intends to use the net proceeds for working capital, to progress its financial restatements as well as for general corporate purposes and growth initiatives.
“This financing agreement further strengthens our balance sheet and provides capital to continue to execute on our restatement and growth, while delivering global cloud communication services to our customers,” said Bart Weijermars, Interim Chief Executive Officer of Pareteum. “Our products have significant traction in the market and we are pleased with the continued momentum. We remain focused on operating the business and are positioned to capitalize on a large and growing market opportunity.”
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Millions of people and devices are connected around the world using Pareteum’s Global Cloud Communications Platform, enhancing their mobile experience. Pareteum unleashes the power of applications and mobile services, bringing secure, ubiquitous, scalable, and seamlessly available voice, video, SMS/text messaging, and data, media and content enablement to our customers, making worldwide communications services easily and economically accessible to everyone. By harnessing the value of our cloud communications platform, Pareteum serves enterprises, communications service providers, early stage innovators, developers, IoT, and telecommunications infrastructure providers. Pareteum envisions a new mobile communications experience, imagining what is to come, while delivering now. Pareteum currently has offices in North America, South America, Spain, Bahrain, Singapore, India, Indonesia, Germany, Belgium, United Kingdom, Russia, and the Netherlands.