67.4 F
San Diego
Sunday, Jul 21, 2024
-Advertisement-

GlassesOff Secures Commitment for Equity Financing of up to $15M

GlassesOff Inc., a San Diego public company developing and commercializing a technology platform to improve near vision sharpness, secured a committed equity financing facility under which it may sell up to $15 million shares of common stock to YA Global Master SPV Ltd. over a 36-month period, the company said.

GlassesOff CEO Nimrod Madar said the equity facility — called a standby equity distribution agreement in a filing with the Securities and Exchange Commission — can be a cost-effective alternative to raise capital and potentially increase the company’s stock liquidity.

He said the financing could help in funding the company’s planned initiation of a global marketing and advertising campaign for its products.

GlassesOff (OTC: GLSO) saw its stock price drop in early trading Monday. After closing at $1.61 per share on July 3, shares were trading at about $1.35 just before noon on the East Coast.

The company said the securities offered to YA Global Master SPV under the equity financing have not been registered under the Securities Act of 1933, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-