SRAX Announces Closing of Private Placement
June 30 2020 - 6:20PM
Business Wire
SRAX, Inc. (NASDAQ: SRAX), a digital marketing and consumer data
management technology company, announced the closing of its
previously announced $13 million private placement of senior
secured convertible debentures at a fixed conversion price of
$2.69. The Company intends to use the proceeds to fund the rapid
expansion of its investor intelligence, data analytics, and
communications platform, Sequire, to pay back a $2.5 million
outstanding secured term loan and other outstanding obligations of
the company.
The Company received net proceeds of $9.1 million from the
offering after deducting placement agent fees, legal fees, the
repayment of loans, and other estimated offering expenses.
The Special Equities Group, LLC, a division of Bradley Woods
& Co. Ltd., acted as placement agent for this offering.
Silvestre Law Group, P.C. acted as legal counsel to SRAX.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Additional details about the transaction are available in the
Company’s Form 8-K to be filed with the Securities and Exchange
Commission, which will be available on the Company’s website and
at: www.sec.gov.
About SRAX
SRAX (NASDAQ: SRAX) is a digital marketing and consumer data
management technology company. SRAX’s technology unlocks data for
brands in the CPG, investor relations, luxury, and lifestyle
verticals. Through its various platforms, SRAX is monetizing its
data sets and growing multiple recurring revenue streams. BIGtoken
is a consumer-managed data marketplace where people can own and
earn from their data. The platform also provides advertisers and
media companies access to transparent, verified consumer data to
better reach and serve audiences. Sequire is a premier platform for
investor intelligence and communication. Through Sequire, public
companies can track their investors’ behaviors and trends and use
those insights to engage current and potential investors across
marketing channels. For more information on SRAX and its verticals,
visit srax.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200630006066/en/
Natalie Santos SRAX press@srax.com
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