Smith Micro Software, Inc. (NASDAQ: SMSI) has announced that it has entered into a securities purchase agreement with institutional investors for the issuance and sale of USD 7 million of the company´s common stock, at a purchase price of USD 2.21 per share, the company said.
As part of its purchase, each investor will also receive a warrant to purchase an additional number of shares of common stock equal to the number of shares purchased by the investor at an exercise price of USD 2.11 per share.
The offering is expected to close on or about May 3, 2018, subject to the satisfaction of customary closing conditions.
The company´s estimated net proceeds from the private placement are expected to be approximately USD 6.3 million. The company intends to use the net proceeds for general corporate purposes.
Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the wireless service providers, device manufacturers, and enterprise businesses around the world. From optimizing wireless networks to uncovering customer experience insights, and from streamlining Wi-Fi access to ensuring family safety, our solutions enrich today´s connected lifestyles while creating new opportunities to engage consumers via smartphones. For more information, visit smithmicro.com
