Boxlight Corporation (NASDAQ: BOXL) shares went up 21.28% after it announced that it has received a $22,000,000 investment from The Lind Partners. The company revealed the proceeds from investment and the $34.5 million gross profit from the July offering will be used in future acquisition opportunities. The company is searching for those partners who help the company in establishing its footprint in the global market or enhance the solutions portfolio of the company.
The investment from The Lind Partners is in the form of a $22,000,000 convertible note and has a 24-month maturity, a 4% APR, and a fixed conversion price of $3.50 per share of Boxlight’s Class A voting common stock.
As per the agreement Boxlight has the right to make the principal and interest payments in the form of cash or Class A common stock. Principal payments are due in 20 monthly installments starting from November 2020. The company also has the right to repay the convertible note at any time without any penalty.
Boxlight Corporation (NASDAQ: BOXL) shares were trading up 21.28% as it gained +0.30 at the time of writing on Tuesday. Boxlight Corporation’s share price went from a low point around $0.33 to briefly over $4.65 in the past 52 weeks, though shares have since pulled back to $1.72. It has moved up 418.18% from its 52-weeks low and moved down -63.23% from its 52-weeks high. BOXL market cap has remained high, hitting $86.32 million at the time of writing.
The company has also revealed earlier that it has added three seasoned sales leaders in North America. Scott Willet will be named as the Vice President of sales, North America. His duty is to expand the sales of the company in the largest marketplace. He has a successful background and a well-respected sales leader and has a history of high performance at Dell and most recently, Promethean.
Michele Gill Conte will be appointed as the Vice President, Strategic Accounts. Michele is an experienced sales professional and a passionate advocate for teachers and students. She has work experience in Sussman Education, Promethean, and Follett Learning. Michele will help Boxlight partners, Schools, and districts in New Jersey, New York, and New England.
Dan Deem will be appointed as the Vice President Sales, Platforms & Services. Dan will help the company in the sales of the MySTEMKits lesson platform, Boxlight-EOS training services, and MimioConnect blended learning platform. Dan Deen has deep experience in this field and Dan has earlier worked in many executive positions in Panasonic, SAM Labs, Apple, and Promethean.