Boxlight secures additional $0.75M funding to make creating innovative classroom much easier
Boxlight Corporation, an education technology company that aims to improve learning and engagement in classrooms, today announced it has secured addition $0.75 million working capital required to accelerate growth. The investment is part of funding agreement with Lind Global Macro Fund, LP, an investment fund managed by The Lind Partners, a New York based institutional fund manager.
With this additional $750,000 Investment, Lind Global Macro Fund, LP has provided a total of $6,000,000 in net investment proceeds to Boxlight during the previous 12 months.
“We are fortunate to have a supportive investment partner during this critical stage as a company,” said Chief Executive Officer of Boxlight, Harold Bevis. “Proceeds from The Lind Partners investment will increase our working capital and allow us to execute our strategy of revenue growth and improved earnings. We are committed to increased market penetration and delivering value to our shareholders, while improving education outcomes in classrooms globally.”
“Boxlight is positioned to be a leader in K-12 education with their award-winning solution suite, experienced management team and global partner network,” said Phillip Valliere, managing director at The Lind Partners. “We are supportive of management’s vision and are committed to continue to support the company as their long-term capital partner.”
The Investment is in the form of a $825,000 convertible note with a 24-month maturity, 8% APR and a fixed conversion price of $2.50 per share of Boxlight’s Class A voting common stock. Principal payments are due in 18 monthly installments beginning August 2020. Under the terms of the note, Boxlight has the right to make principal and interest payments in the form of either cash or Class A common stock.
Boxlight Corporation is a leading provider of technology solutions for the global learning market. Boxlight 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.