Sonic Foundry Secures $5 Million in Funding
March 06 2019 - 4:26PM
Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader for
video creation and management solutions, today announced it has
completed a $5 million round of funding.
Sonic Foundry's Special Committee of Disinterested and
Independent Directors approved and authorized execution of a note
purchase agreement with its Board Chairman, Mark Burish, providing
$5 million of funding. The company will use this funding to replace
the prior revolving line of credit with Silicon Valley Bank, which
matured on January 31. As a result, the company intends to finalize
filing its annual report for fiscal year ending September 30, 2018,
for which an extension was previously filed to provide sufficient
time to complete a long-term financing facility.
"We are pleased to announce that we closed $5 million of
funding, which will help fuel our investment in developing
best-in-class video capture and management solutions. Mr. Burish
has been a stalwart supporter of our vision, and his support will
enable us to pursue our strategic focus for fiscal 2019 as we
continue developing innovative products that resonate with our
users and drive the business," said Gary Weis, CEO, Sonic Foundry.
“As we move forward, the executive team and board of directors are
confident that we’ve set the business up to grow revenue, drive
technology development and continue to innovate world class,
next-generation products and solutions for our
customers.”
About Sonic Foundry®, Inc.
Sonic Foundry (OTC Pink Sheets: SOFO) is the global leader
for video capture, management and streaming solutions. Trusted by
more than 4,900 educational institutions, corporations, health
organizations and government entities in over 65 countries,
its Mediasite Video Platform quickly and cost-effectively
automates the capture, management, delivery and search of live and
on-demand streaming videos. Learn more at www.mediasite.com
and @mediasite.
© 2019 Sonic Foundry, Inc. Product and service names mentioned
herein are the trademarks of Sonic Foundry, Inc. or their
respective owners.
Media Contact: Nicole Wise, Director of Communications
Sonic Foundry
920.226.0269
nicolew@sonicfoundry.com
Sonic Foundry (NASDAQ:SOFO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Sonic Foundry (NASDAQ:SOFO)
Historical Stock Chart
From Sep 2023 to Sep 2024