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Blackboxstocks announced a public offering of 2,400,000 shares at $5.00 each, aiming for gross proceeds of $12 million, closing on November 12, 2021. Underwriters also have the option to purchase an additional 360,000 shares. The company has recently secured approval to trade its stock on the Nasdaq Capital Market under the ticker BLBX, effective November 10, 2021. Proceeds will be used for platform development, expanding offerings, and marketing efforts.
Positive
Public offering expected to raise $12 million to support growth initiatives.
Approval for listing on Nasdaq enhances visibility and credibility.
Negative
Dilution risk for existing shareholders from public offering.
Common Shares will Continue to Trade under Ticker “BLBX”
DALLAS--(BUSINESS WIRE)--
Blackboxstocks, Inc. (Nasdaq: BLBX) (“Blackbox” or the “Company”), a financial technology and social media hybrid platform offering real-time proprietary analytics for stock and options traders of all levels, today announced the pricing of an underwritten public offering of 2,400,000 shares of common stock at a price to the public of $5.00 per share.
The aggregate gross proceeds to Blackbox from the public offering are expected to be $12 million, before deducting underwriting discounts, commissions, and other estimated offering expenses. Blackbox has granted the underwriters a 45-day option to purchase up to an additional 360,000 shares of common stock at the public offering price in the amount of $1.8 million, less commissions and underwriting discounts. The offering is expected to close on November 12, 2021, subject to customary closing conditions.
Alexander Capital, L.P. acted as the lead book-running manager and Revere Securities, LLC acted as lead manager for the offering.
Blackbox is also pleased to announce it has received approval to list its common stock on the Nasdaq Capital Market® (“Nasdaq”), effective November 10, 2021. The Company’s common stock will now trade on Nasdaq under its same ticker symbol, “BLBX”.
All shares in the offering are being sold by the Company. Blackbox intends to use the net proceeds from the public offering to further develop the Blackbox System platform, expand product offerings, fund marketing efforts to grow the Company’s subscriber base, as well as for general and administrative expenses and other general corporate purposes.
The offering is being made only by means of a (i) prospectus forming a part of the registration statement on Form S-1, as amended (File No. 333- 260065), which was initially filed with the Securities and Exchange Commission (the “SEC”) on October 5, 2021 and declared effective on November 9, 2021, and (ii) a registration statement on Form S-1MEF which was filed with the SEC on November 10, 2021 and became effective on such date. Copies of such prospectus, when available, may be obtained from: Alexander Capital, L.P., 17 State Street, New York, New York 10014, (212) 687-5650, info@alexandercapitallp.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Blackboxstocks, Inc.
Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs “predictive technology” enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 8,000 stocks and up to 900,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/video feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually. For more information, go to: www.blackboxstocks.com
Safe Harbor Statement
Our prospects here at Blackboxstocks are subject to uncertainties and risks. This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business, and reflect our beliefs and assumptions based upon information available to us at the date of this press release. In some cases, you can identify these statements by words such as “if,” “may,” “might,” “will, “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” and other similar terms. These forward-looking statements include, among other things, plans for proposed operations, descriptions of our strategies, our product and market development plans, and other objectives, expectations and intentions, the trends we anticipate in our business and the markets in which we operate, and the competitive nature and anticipated growth of those markets. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors including, but not limited to, the risks and uncertainties discussed under risk factors in our registration statement on Form S-1, as amended (File No. 333- 260065) as well as our other filings with the SEC. We undertake no obligation to revise or update any forward-looking statement for any reason.
What is the purpose of Blackboxstocks' public offering?
Blackboxstocks intends to use the proceeds from the public offering for platform development, expanding product offerings, funding marketing efforts, and general corporate purposes.
When will Blackboxstocks' public offering close?
The public offering is expected to close on November 12, 2021, subject to customary closing conditions.
How much money does Blackboxstocks expect to raise through the public offering?
Blackboxstocks anticipates raising approximately $12 million from the public offering before deducting underwriting discounts and expenses.
What will be the new trading location for Blackboxstocks' shares?
Blackboxstocks will trade on the Nasdaq Capital Market under the same ticker symbol, BLBX, effective November 10, 2021.
What are the details of the underwriters for Blackboxstocks' public offering?
The lead book-running manager for the offering is Alexander Capital, L.P., and the lead manager is Revere Securities, LLC.
