Oblong, Inc. announced on June 6, 2025, a securities purchase agreement to raise approximately $7.5 million through a private placement. The company will sell 1,989,392 shares of common stock (or equivalents) at $3.77 per share, with the offering expected to close around June 11, 2025. This capital infusion is pivotal for a new strategic direction.
The company is strategically allocating the majority of these proceeds to enter the AI-driven digital asset space. This involves accumulating $TAO, the native token of Bittensor, a decentralized intelligence protocol. Oblong's transition will also be supported by software development initiatives aimed at enhancing this emerging ecosystem.
Oblong plans to contribute to Bittensor's decentralized AI network, which functions as an open marketplace for compute, inference, data, and model training. The strategy includes participating in subnet 0 and generating yield on a portion of its $TAO holdings. This move positions Oblong to capitalize on the "AI x crypto era," which it believes offers significant market potential.
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