Proceeds used to develop, expand market reach of GO-Global technology
By Devika Patel
Knoxville, Tenn., Sept. 2 - GraphOn Corp. said it settled a $7.1 million private placement of stock. MDB Capital Group, LLC was the agent.
The company sold 35.5 million common shares at $0.20 per share. The price per share is a 5.26% premium to the Sept. 1 closing share price of $0.19.
Investors also received warrants for 17.75 million shares, which are each exercisable at $0.26 for five years. The strike price is a 36.84% premium to the Sept. 1 closing share price.
"GraphOn will use the proceeds of this strategic equity financing to further develop and expand the market reach of its GO-Global technology and to build upon its foundational intellectual property assets," chairman of the board and chief executive officer Robert Dilworth said in a press release.
"We are pleased that MDB Capital Group recognized the value of our intellectual property and the innovation behind our proprietary cloud application delivery and Web-enabling technology."
GraphOn, based in Santa Cruz, Calif., provides Windows web-enabled software, UNIX and Linux server-based computing and other technology products.
| Issuer: | GraphOn Corp.
|
| Issue: | Common shares
|
| Amount: | $7.1 million
|
| Shares: | 35.5 million
|
| Price: | $0.20
|
| Warrants: | For 17.75 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.26
|
| Agent: | MDB Capital Group, LLC
|
| Settlement date: | Sept. 2
|
| Stock symbol: | OTCBB: GOJO
|
| Stock price: | $0.19 at close Sept. 1
|
| Market capitalization: | $11.96 million
|
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