Boxlight receives $4M investment from The Lind Partners
Boxlight Corporation announced it has signed a funding agreement for gross proceeds of $4,000,000 with Lind Global Macro Fund, LP, an investment fund managed by The Lind Partners/ The investment is in the form of a $4,400,000 convertible note with a 24-month maturity and a fixed conversion price of $4.00 per share of Company Class A voting common stock. A total of $4,000,000 will be funded under the note. The Company is required to make monthly interest payments at the rate of 8 percent per annum on the unpaid principal amount of the note, and principal payments in 18 equal monthly installments of $244,444.44 each, commencing six months after closing. So long as the shares of Company Class A common stock to be issued pursuant to the note are registered for resale under the Securities Act or may be sold without restriction on the number of shares or manner of sale, the company has the right to make principal and interest payments in the form of shares of Class A common stock. The principal installment payments are subject to reduction in any month by any amounts converted by the Investor into the company's Class A common stock. The company has the right to prepay the convertible note at any time with no penalty. Should the company exercise its Buy-Back Right, the Investor will have the option of converting 25 percent of the outstanding $4,400,000 face value amount into shares of Company Class A common stock.