Friday, October 23, 2020

Oblong Gets $3.0M In Private Placement

Los Angeles-based a href="http://www.oblong.com">Oblong, which develops futuristic remote collaboration and meeting products, said Thursday afternoon that the company has raised approximately $3.0M through a private placement. The publicly listed company--which trades on the NYSE American as OBLG--said the private placement came from un-named set of institutional and accredited investors. $2.5M of that private placement went to pay back Silicon Valley Bank on a $5.6M loan agreement. Oblong said the private placement also includes warrants to purchase 521,500 shares of the Company’s common stock, which, if exercised, would generate up to an additional $2.1M in gross proceeds for the company. Oblong's remote meeting products offer up room-sized collaboration, and were the inspiration for the user interface in "Minority Report". The company sells its systems to very large, enterprise companies.