Boxlight wins $4M investment from The Lind Partners
Boxlight Corp (NASDAQ:BOXL) scored a funding victory Monday when the edtech company said it received a $4 million investment from The Lind Partners, a New York fund manager.
The proceeds from this new strategic stake taken by the Lind Global Macro fund will be put toward increasing the Georgia company’s inventory levels in the US and Europe as well as funding the launch of several new products including its MyBot coding and robotics program, recently acquired as part of its takeover of Modern Robotics Inc.
“We are thrilled to have The Lind Partners as a significant Boxlight investor. The proceeds from the investment will provide us the needed capital to execute our aggressive growth strategy and bridge our operations to positive cash flow,” said Mark Elliott, CEO of Boxlight, in a statement.
READ: Boxlight shares climb as it gets ready to join Russell Microcap Index
The investment comes in the form of a $4.4 million convertible note with a 24-month maturity and a fixed conversion price of $4 per share of class A stock. A total of $4 million will be funded under the note and the company is required to make monthly interest payments at the rate of 8% per year on the unpaid principal amount of the note and principal payments in 18 equal monthly installments of $244,444.44.
Based in Lawrenceville, Georgia, Boxlight sells new sorts of educational technology that is useful in classrooms. Its products include MimeoFrame, a kit that turns any existing whiteboard into a 10-touch interactive whiteboard, and the ProColor 490 Touch Table, which promotes interactive learning in special needs classrooms.
READ: Boxlight soars as it reports smaller-than-expected 1Q loss on expanding revenue
The Lind Partners, meanwhile, is an institutional fund manager, which provides direct investments to listed small and mid-cap companies in the US, Canada, Australia and the UK.
In a statement, Phillip Valliere, managing director at The Lind Partners, said Boxlight’s suite of products and ability to win competitive contracts in the education sector drove the fund manager’s investment.
“The Company’s ability to win large, competitive contracts, including Clayton County, Georgia and Beaufort County, South Carolina, is further evidence that Boxlight has the potential to become a leader in education technology for the K-12 market,” Valliere said.
Boxlight shares rose by just under 1% to hit $2.78 in afternoon trade Monday.
Contact Ellen Kelleher at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217154/boxlight-wins-4m-investment-from-the-lind-partners-217154.html
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