LAWRENCEVILLE, Ga.–(BUSINESS WIRE)–Boxlight Corporation (Nasdaq: BOXL), a leading provider of interactive technology services for the global education market, today declared its entry into a funding settlement for gross proceeds of $22,000,000 with Lind Global Macro Fund, LP, an investment fund managed by The Lind Partners, a NY based institutional fund manager.
“Proceeds from that investment, with the $34.five mln in gross proceeds from our Jul 2024 providing, going to be utilized for future acquisition opportunities,” stated Michael Pope, Chairman & Chief Executive Official in Boxlight.
“Specifically, we’re targetting businesses for acquisition that going to either rise our global footprint (or) enhance our services portfolio for the education market.
Potential students going to be immediately accretive, produce substantial revenues, generate positive earnings, & exhibit significant expansion potential.”
The investment is now in the form of a $22,000,000 convertible note with a 24-month maturity, a 4% APR (0% APR in case the Firm’s stock cost is trading above $3.50), & a fixed conversion cost of $3.50 per distribute of Boxlight’s Class A voting common stock.
Principal payments are due in 20 monthly instalments starting Nov 2024. Within the terms of the note, Boxlight has the right to make principal & concern payments within the form of either money (or) Class A common stock.
Boxlight also has the right to prepay the convertible note in any time without penalty (the “Purchase-Back Right”).
Must Boxlight choose to exercise its Purchase-Back Right, Lind Global Macro Fund going to have the option of converting 25 per cent of the outstanding face worth into shares of Boxlight Class A common stock.