Smith Micro Software, Inc. (NASDAQ: SMSI) said that it has received commitments to purchase 6,667,200 shares of its common stock for aggregate gross proceeds of USD5.4m in a private placement expected to close on or about August 20, 2014, subject to standard closing conditions.
Smith Micro said it intends to use the net proceeds primarily for expansion of its product and customer base.
As part of the transaction, Smith Micro agreed to file a registration statement with the Securities and Exchange Commission within 30 days of closing for purposes of registering the resale of the common stock issued in the private placement. Emerging Growth Equities, Ltd. acted as lead placement agent for the offering. Security Research Associates, Inc. acted as a member of the selling group for this offering.
Smith Micro Software provides solutions that simplify, secure and enhance the mobile experience. For more information, visit www.smithmicro.com.