Boxlight Corporation (NASDAQ:BOXL) shares are trending on Wednesday.
Shares of the educational technology company climbed 57.54% to $4.62 after the bell on Tuesday after Boxlight announced it closed a private placement for up to $7.5 million in newly created Series D Convertible Preferred Stock.
Placement Terms Fuel The Rally
According to the company, the placement closed on August 6. Of the total, $5.5 million was funded at initial closing, with the remaining $2 million contingent on effectiveness of a resale registration statement.
The 937,500 preferred shares were priced at $8 each, carrying a $10 stated value and a 20% original issue discount.
