Bridgeline Receives More than $7.3M in Warrant Exercises

Rhea-AI Summary

Bridgeline Digital (NASDAQ: BLIN) announced it has raised over $7.3 million from warrant exercises, increasing its cash balance to over $9 million. The funds will support the company's growth initiatives and its eCommerce 360 strategy aimed at enhancing traffic and conversions for its 2,500 customers. Following two acquisitions in 2021, Bridgeline expressed confidence in being fully capitalized to meet all obligations and to pursue additional strategic opportunities.

Positive

• Raised over $7.3 million in cash from warrant exercises.
• Increased cash balance to over $9 million.
• Funds will accelerate growth and support eCommerce 360 strategy.
• Fully capitalized to cover earnout and debt obligations from recent acquisitions.

Negative

• None.

WOBURN, Mass., July 21, 2021 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ: BLIN), provider of cloud-based marketing technology software, announced today it has received over $7.3M in cash, including the $2.5M previously disclosed, as a result of the recent warrant exercises. These warrants were originally issued in 2019 with a strike price of $4.00.

These funds bring Bridgeline’s cash balance to more than $9M with 8,393,609 shares of common stock outstanding. The new capital is above and beyond Bridgeline’s fully capitalized operating plan. The additional funds will be used to accelerate growth and execute Bridgeline’s eCommerce 360 strategy to drive traffic, increase conversions and grow average order value for its 2,500 customers.

“Bridgeline is fully capitalized to cover all earnout, and debt obligations from our recent two acquisitions with a strong war chest to accelerate our sales and marketing efforts as well as pursue additional strategic opportunities,” said Ari Kahn, President and CEO of Bridgeline Digital. “We thank our investors for their ongoing support.”

Bridgeline has acquired two companies in 2021, WooRank and Hawksearch. WooRank drives traffic to websites by helping improve search engine optimization. Hawksearch grows online revenues for eCommerce websites by increasing conversion and optimizing the search experience for visitors.
 
About Bridgeline Digital

Bridgeline helps companies grow online revenues by increasing their traffic, conversion rates, and average order values with its marketing platform and suite of apps. To learn more, please visit www.bridgeline.com or call (800) 603-9936.

Contact:
Danielle Erwin
VP of Marketing
Bridgeline Digital
press@bridgeline.com

 

FAQ

What is the recent funding amount reported by Bridgeline Digital?

Bridgeline Digital reported raising over $7.3 million from warrant exercises.

What will Bridgeline Digital use the new funds for?

The funds will be used to accelerate growth and execute its eCommerce 360 strategy.

How much cash does Bridgeline Digital currently have?

Bridgeline Digital's cash balance has increased to over $9 million.

How many shares of common stock are outstanding for Bridgeline Digital?

Bridgeline Digital has 8,393,609 shares of common stock outstanding.

What companies did Bridgeline Digital acquire in 2021?

Bridgeline Digital acquired WooRank and Hawksearch in 2021.