Boxlight (NASDAQ:BOXL) news for Tuesday concerning a $22 million investment has BOXL stock taking off.
A Boxlight news release reveals that the investment comes from the New York-based investment fund Lind Global Macro Fund. The investment is in the form of a $22 million convertible note.
According to the Boxlight news release, this convertible note has a maturity period of 24 months. It also includes APR of 4%, but this drops to 0% if BOXL stock is trading at $3.50 or higher. It’s also worth pointing out that it features a fixed conversion price of $3.50 for Class A shares of BOXL stock.
So what exactly does Boxlight have planned following this investment news? The education company says it plans to use these funds, as well as the $34.5 million raised from its offering earlier this year, to fuel acquisitions.
Boxlight says that its acquisition targets will be those that can expand its footprint internationally. The company is also only seeking targets that will be immediately accretive to its earnings and have growth potential.
Phillip Valliere, the managing director of The Lind Partners, which operates Lind Global Macro Fund, said this about the Boxlight news.
“We are pleased to provide another follow-on investment to Boxlight. Boxlight’s management team has exhibited a strong history of integrating successful acquisition targets, and we are confident in their ability to continue to grow through future acquisitions as well as organically. We are also impressed with the company’s progress over recent quarters including new product launches and partnerships, significant contract wins, improved earnings and healthy working capital.”
BOXL stock was up 18.1% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
