Photo credit: www.investing.com
The Glimpse Group Secures $7.29 Million in Direct Public Offering
The Glimpse Group, Inc. (NASDAQ: VRAR, FSE: 9DR), a leading player in the Immersive Technology landscape, has announced a direct public offering that will enhance its financial resilience and strategic growth. The offering involved the sale of 2.75 million shares of common stock and/or pre-funded warrants to an institutional investor, generating approximately $7.29 million at a price of $2.65 per share.
Lyron Bentovim, President and CEO of Glimpse, expressed optimism about the company’s financial position following this transaction. “After this clean financing, we have approximately $8.5 million in cash, alongside expectations of profitable operations and a strong balance sheet—free from corporate or convertible debt and preferred equity. This positions us well to advance our growth strategy in the evolving Immersive Technology sector,” he stated.
Kingswood Capital Partners, LLC served as the exclusive placement agent for this offering, which is anticipated to close around December 24, 2024, pending the fulfillment of customary closing conditions. Kesse PLLC is acting as securities counsel for the company.
This offering is being made under a “shelf” registration statement (File No. 333-268027) previously filed with the Securities and Exchange Commission (SEC) on October 27, 2022, and declared effective on November 30, 2022. The shares may be offered only through a prospectus, which, along with a prospectus supplement, will be filed with the SEC.
Investors can access copies of the prospectus supplement and accompanying prospectus once available via the SEC’s website at www.sec.gov or through Kingswood Capital Partners’ contact page at kingswoodus.com.
This announcement serves strictly as informational and does not constitute an offer to sell or solicit an offer to buy any securities in any jurisdiction where it would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About The Glimpse Group, Inc.
The Glimpse Group is a diversified platform for Immersive Technology, specializing in enterprise-focused Virtual Reality, Augmented Reality, and Spatial Computing software and services. Their innovative business model is designed to scale and develop a comprehensive ecosystem, offering investors a direct opportunity to engage in this burgeoning market. For further details about The Glimpse Group, visit www.theglimpsegroup.com.
Forward-Looking Statements
This press release contains forward-looking statements based on current expectations and assumptions that are subject to various risks and uncertainties. Actual results may differ significantly from those projected due to factors affecting the business landscape. Such statements often include terms like “anticipate,” “believe,” “expect,” and others indicating future outcomes. Management reserves the right to amend any forecasts or expectations as new information emerges or circumstances change.
Company Contact
For further inquiries, please contact:
Maydan Rothblum
CFO & COO
The Glimpse Group, Inc.
(917) 292-2685
Source
www.investing.com