NetworkNewsBreaks – Sigma Labs, Inc. (NASDAQ:SGL
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Posted On: 01/27/2020 3:07:24 PM
NetworkNewsBreaks – Sigma Labs, Inc. (NASDAQ:SGLB) Enters Agreement for Private Placement of Convertible Preferred Stock and Warrants
Sigma Labs (NASDAQ:SGLB), a leading developer of quality assurance software for the commercial 3D printing industry, today announced its entry into a securities purchase agreement with certain institutional investors for the purchase of shares of a new series of its preferred stock, warrants to purchase its common stock and warrants to purchase such preferred stock for total gross cash proceeds of $1.5 million to Sigma Labs. According to the update, SGLB could also receive $6 million of gross proceeds if the warrants to purchase preferred stock are exercised in full for cash, and the Company has the right to force the exercise of up to $500,000 of such warrants, subject to certain equity conditions. “The evidence is mounting that the Additive Manufacturing industry is accelerating towards wider adoption and commercialization in concert with the market’s validation of our technology,” Sigma Labs Executive Chairman Mark Ruport said in the news release. “In order to capitalize on the momentum and generate increasing revenue starting in 2020, we felt that it was imperative for the Company to strengthen its balance sheet and enter into agreements that could provide substantial additional capital going forward. Based on these agreements, we intend to extend our reach and continue to build meaningful, and mutually beneficial, relationships with leading 3D printer manufacturers, enterprise end-users, Research & Development organizations and AM software manufacturers. It’s an exciting time and I look forward to providing a comprehensive update on our progress in our year-end conference call in March.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Sigma Labs (NASDAQ:SGLB), a leading developer of quality assurance software for the commercial 3D printing industry, today announced its entry into a securities purchase agreement with certain institutional investors for the purchase of shares of a new series of its preferred stock, warrants to purchase its common stock and warrants to purchase such preferred stock for total gross cash proceeds of $1.5 million to Sigma Labs. According to the update, SGLB could also receive $6 million of gross proceeds if the warrants to purchase preferred stock are exercised in full for cash, and the Company has the right to force the exercise of up to $500,000 of such warrants, subject to certain equity conditions. “The evidence is mounting that the Additive Manufacturing industry is accelerating towards wider adoption and commercialization in concert with the market’s validation of our technology,” Sigma Labs Executive Chairman Mark Ruport said in the news release. “In order to capitalize on the momentum and generate increasing revenue starting in 2020, we felt that it was imperative for the Company to strengthen its balance sheet and enter into agreements that could provide substantial additional capital going forward. Based on these agreements, we intend to extend our reach and continue to build meaningful, and mutually beneficial, relationships with leading 3D printer manufacturers, enterprise end-users, Research & Development organizations and AM software manufacturers. It’s an exciting time and I look forward to providing a comprehensive update on our progress in our year-end conference call in March.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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