Oblong, Inc. Raises $1.5M in Registered Direct Offering

TL;DR

Oblong just sold $1.5M in stock, closing around June 14th.

AI Summary

Oblong, Inc. announced on June 12, 2024, that it entered into a securities purchase agreement on June 10, 2024, to sell approximately $1.5 million of its common stock in a registered direct offering. The company expects to close this offering on or about June 14, 2024.

Why It Matters

This capital raise provides Oblong, Inc. with additional funds, potentially for operations or strategic initiatives, which could impact its future growth and financial stability.

Risk Assessment

Risk Level: medium — Registered direct offerings can dilute existing shareholders and may indicate a need for immediate capital, suggesting potential financial pressures.

Key Numbers

• $1.5M — Registered Direct Offering Amount (Funds raised from the sale of common stock.)
• June 14, 2024 — Expected Closing Date (Anticipated date for the completion of the stock sale.)

Key Players & Entities

• Oblong, Inc. (company) — Registrant
• June 12, 2024 (date) — Report Date
• June 10, 2024 (date) — Securities Purchase Agreement Date
• $1.5 million (dollar_amount) — Amount of common stock sold
• June 14, 2024 (date) — Expected Closing Date

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share OBLG Nasdaq Capital Market
• $1.5 million — the Company has received approximately $1.5 million in net proceeds (net of $0.1 million in
• $0.1 million — ly $1.5 million in net proceeds (net of $0.1 million in fees) from the exercise of 1,648 Ser
• $975 — ed Warrants"), at the exercise price of $975 per share, into 1,648 shares of its Ser

Filing Documents

• glow-20240612.htm (8-K) — 24KB
• 0000746210-24-000021.txt ( ) — 149KB
• glow-20240612.xsd (EX-101.SCH) — 2KB
• glow-20240612_lab.xml (EX-101.LAB) — 22KB
• glow-20240612_pre.xml (EX-101.PRE) — 13KB
• glow-20240612_htm.xml (XML) — 3KB

02. Unregistered Sales of Equity Securities

Item 3.02. Unregistered Sales of Equity Securities. To the extent required, the information pertaining to the issuance of shares of Common Stock, shares of Series F Preferred Stock, and Common Warrants contained in Item 8.01 below, and Items 1.01 and 3.02 of our Current Report on Form 8-K filed with the SEC on April 3,2023 ("the "April 2023 Form 8-K") are hereby incorporated by reference.

01 Other Information

Item 8.01 Other Information As reported on the Company's Quarterly Report on Form 10-Q (the "Quarterly Report"), filed on May 8, 2024, Oblong, Inc. (the "Company") had 20,286,675 shares of Common Stock outstanding and 1,008 shares of Series F Convertible Preferred Stock ("Series F Preferred Stock") outstanding. As of June 10, 2024, the Company had 27,960,241 shares of Common Stock outstanding and 545 shares of Series F Preferred Stock outstanding. Since the filing of our Quarterly Report and through June 10, 2024, the Company issued 7,673,566 shares of Common Stock pursuant to conversions of 2,111 shares of its Series F Preferred Stock. Since the filing of the Quarterly Report and through June 10, 2024, the Company has received approximately $1.5 million in net proceeds (net of $0.1 million in fees) from the exercise of 1,648 Series F Preferred Stock Warrants ("Preferred Warrants"), at the exercise price of $975 per share, into 1,648 shares of its Series F Preferred Stock. The Company believes that these net proceeds, together with our existing cash and cash equivalents, will be sufficient to fund our operations and meet our working capital requirements through the end of 2025. Under the terms of the Preferred Warrant, filed as Exhibit 4.2 to our April 2023 Form 8-K, for each Preferred Warrant exercised, the holder also receives a Common Warrant to purchase a number of shares of the Company's Common Stock equal to 100% of the number of shares of Common Stock the holder would receive if the shares of Series F Preferred Stock issuable upon exercise of such Preferred Warrant were converted at the applicable conversion price (as defined in the Certificate of Designations for the Series F Preferred Stock). Since the filing of the Quarterly Report and through June 10, 2024, the Company has issued Common Warrants to purchase 963,743 shares of the Company's Common Stock. Forward looking and cautionary statements This Current Report on Form 8-K contains forward-loo

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