"We are thrilled to have The Lind Partners as a significant Boxlight investor.
Corporation (Nasdaq: BOXL), a leading provider of interactive
technology solutions for the global education market, today announced it
has signed a funding agreement for gross proceeds of $4,000,000 (the
"Investment") with Lind Global Macro Fund, LP, an investment fund
managed by The Lind Partners, a New York based institutional fund
"We are thrilled to have The Lind Partners as a significant Boxlight
investor. The proceeds from the investment will provide us the needed
capital to execute our aggressive growth strategy and bridge our
operations to positive cash flow," said Mark Elliott, Chief Executive
Officer of Boxlight. "This investment will improve our net current asset
position, allow us to increase our inventory levels in the U.S. and
Europe, and provide the capital needed to complete the market launch of
several new products including our MyBot coding and robotics solution."
"We are impressed with the depth of the Boxlight leadership team and
their innovative, comprehensive product suite for the education market,"
said Phillip Valliere, Managing Director at The Lind Partners. "Boxlight
has demonstrated a track record of significant revenue growth and
product innovation. The Company’s ability to win large, competitive
contracts, including Clayton County, Georgia and Beaufort County, South
Carolina, is further evidence that Boxlight has the potential to become
a leader in education technology for the K-12 market."
The Investment is in the form of a $4,400,000 convertible note with a
24-month maturity and a fixed conversion price of $4.00 per share of
Company Class A voting common stock. A total of $4,000,000 will be
funded under the note. The Company is required to make monthly interest
payments at the rate of 8 percent per annum on the unpaid principal
amount of the note, and principal payments in 18 equal monthly
installments of $244,444.44 each, commencing six months after closing.
So long as the shares of Company Class A common stock to be issued
pursuant to the note are registered for resale under the Securities Act
or may be sold without restriction on the number of shares or manner of
sale, the Company has the right to make principal and interest payments
in the form of shares of Class A common stock. The principal installment
payments are subject to reduction in any month by any amounts converted
by the Investor into the Company's Class A common stock.
The Company has the right to prepay the convertible note at any time
with no penalty (the "Buy-Back Right"). Should the Company exercise its
Buy-Back Right, the Investor will have the option of converting 25
percent of the outstanding $4,400,000 face value amount into shares of
Company Class A common stock.
The convertible note is secured by a lien on all assets of the Company.
About Boxlight Corporation: Boxlight Corporation (Nasdaq: BOXL)
(“Boxlight”) is a leading provider of technology solutions for the
global learning market. The company aims to improve learning and
engagement in classrooms and to help educators enhance student outcomes,
by developing the products they need. The company develops, sells, and
services its integrated, interactive solution suite including software,
classroom technologies, professional development and support services.
For more information about the Boxlight story, visit http://www.boxlight.com.
About The Lind Partners: The Lind Partners is an institutional
fund manager and leading provider of growth capital to small- and
mid-cap companies publicly traded in the US, Canada, Australia and the
UK. Lind targets high growth sectors such as technology, biotech,
clean-tech, mining and oil & gas. Founded in 2011, Lind has completed
over 70 direct investments for more than $850 million in total value and
has an established reputation as a flexible and supportive capital
partner to investee companies. For more information, please visit http://www.thelindpartners.com.
Forward Looking Statements: This press release may contain
information about Boxlight's view of its future expectations, plans and
prospects that constitute forward-looking statements. Actual results may
differ materially from historical results or those indicated by these
forward-looking statements because of a variety of factors including,
but not limited to, risks and uncertainties associated with its ability
to maintain and grow its business, variability of operating results, its
development and introduction of new products and services, marketing and
other business development initiatives, competition in the industry,
etc. Boxlight encourages you to review other factors that may affect its
future results in Boxlight’s filings with the Securities and Exchange