Smith Micro Software, Inc. announced the closing of its offering of 1,612,903 registered shares of common stock and a concurrent private placement of unregistered warrants. The offering was made to certain institutional and accredited investors at a price of $0.93 per share. The warrants entitle holders to purchase up to an aggregate of 1,612,903 shares of common stock at an exercise price of $1.20 per share.
The warrants are immediately exercisable and will expire five years after issuance, subject to certain downward pricing adjustments. This financing event resulted in gross proceeds to the company of approximately $1.5 million. The company intends to use these proceeds for working capital and general corporate purposes.
This capital raise provides additional liquidity for Smith Micro's operations. The transaction was facilitated by Chardan as financial advisor, with Buchanan Ingersoll & Rooney PC and Haynes and Boone, LLP serving as legal counsel. The proceeds are crucial for supporting the company's strategic initiatives and ongoing business needs.
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