Boxlight Corporation (NASDAQ:BOXL) shares are trending on Wednesday.
Shares of the educational technology company climbed 57.54% to $4.62 after the bell on Tuesday after Boxlight announced it closed a private placement for up to $7.5 million in newly created Series D Convertible Preferred Stock.
Placement Terms Fuel The Rally
According to the company, the placement closed on August 6. Of the total, $5.5 million was funded at initial closing, with the remaining $2 million contingent on effectiveness of a resale registration statement.
The 937,500 preferred shares were priced at $8 each, carrying a $10 stated value and a 20% original issue discount.
Equity Line Adds Fuel To Growth Plans
Alongside the placement, Boxlight entered a 36-month, $15 million Equity Purchase Agreement with Secure Net Capital LLC for future Class A Common Stock sales.
RBW Capital Partners LLC and Dawson James Securities, Inc. served as placement agents.
Proceeds are earmarked for working capital and retirement of debt.
Trading Metrics, Technical Analysis
Boxlight Corporation has a market capitalization of about $2.03 million. Over the past 52 weeks, its stock has traded as high as $365.40 and as low as $2.59. The company has 667,000 shares outstanding.
BOXL has a Relative Strength Index (RSI) of 37.50.
Over the past 12 months, the stock has dropped 96.45%.
The stock is trading near its 52-week low.
Price Action: BOXL closed the regular session on Tuesday at $2.93, down 1.35%, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicate that BOXL stock has a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Ole.CNX / Shutterstock
Login to comment