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Oblong Inc. (symbol: OBLG) is an innovative provider of patented multi-stream collaboration products and managed services designed to enhance video collaboration and network solutions. The company's flagship product, Mezzanine™, is a next-generation visual collaboration platform that redefines computing via simultaneous multi-user, multi-screen, multi-device, and multi-location integration. Mezzanine transforms routine meetings and workflows into dynamic, engaging, and productive experiences by making data easily visible and accessible in a collaborative setting.
Mezzanine enables multiple, concurrent pieces of content to be shared, manipulated, created, and captured across distances, facilitating seamless collaboration among users. This groundbreaking technology is utilized by various industries, including aerospace, consulting, executive search, broadcast media, technology, financial services, education, healthcare, and real estate. Notably, high-profile organizations such as IBM, Accenture, Boeing, CBRE, Beats Music, and the Harvard School of Design are among its users.
Oblong Inc.'s work has also been an inspiration in popular culture, serving as the basis for the futuristic computers depicted in the film
Oblong Inc (Nasdaq: OBLG) reported financial results for Q3 2024, showing a strong cash position of $5.6 million with zero debt. Revenue decreased to $0.6 million from $0.9 million in Q3 2023, while net loss increased to $1.0 million from $0.9 million year-over-year. The company received additional liquidity of $231,000 from warrant exercises in October and implemented operational efficiencies expected to save $1.2 million annually. Management is exploring strategic growth opportunities, including potential mergers, acquisitions, and asset sales. The company regained Nasdaq compliance in September 2024.
Oblong (Nasdaq: OBLG) has regained compliance with Nasdaq's minimum bid price requirement after its stock traded above $1.00 for 10 consecutive business days. CEO Peter Holst expressed satisfaction with this development, stating that Oblong is now back in full compliance with Nasdaq's listing requirements.
As of June 30, 2024, Oblong reported $5.9 million in cash and no debt, which the company believes provides liquidity into the first half of 2026. The company is actively seeking inorganic growth opportunities through M&A and exploring strategic alternatives, including potential business combinations, reverse mergers, or an outright sale of the company.
Oblong (Nasdaq: OBLG), a multi-stream collaboration solutions provider, has announced a 1-for-40 reverse stock split effective August 23, 2024. The company's shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market on August 26, 2024. This move aims to increase the per-share trading value to meet Nasdaq's continued listing standards.
The reverse split will reduce Oblong's outstanding common shares from approximately 28,242,000 to 710,000. It won't affect stockholders' percentage ownership, except for fractional shares, which will be rounded up. The split will also adjust the exercise or conversion prices of outstanding options, warrants, and preferred stock shares proportionately.
Oblong (Nasdaq: OBLG) announced a non-binding letter of intent to merge with Dwellwell Analytics. If finalized, Dwellwell security holders would own 67% of the combined company, while Oblong shareholders would hold 33%. The merger aims to expand Oblong's AI platform into property management using Dwellwell's patented multi-sensing technology. This technology enables real-time and predictive maintenance for residential properties, potentially reducing costs for owners. Both entities are undergoing due diligence, and the merger requires various approvals. No assurance of completion is provided.
Oblong, Inc. (Nasdaq: OBLG) has announced that it has regained compliance with Nasdaq's minimum bid price requirement as per Rule 5550(a)(2). This notice from The Nasdaq Stock Market LLC indicates that Oblong's compliance issue is now resolved. Oblong is known for its innovative multi-stream collaboration solutions, including its flagship product Mezzanine™, which enhances remote meeting experiences through simultaneous content sharing.
The closure of this compliance matter may positively influence investor confidence and the company's standing in the stock market.
Oblong, Inc. (Nasdaq: OBLG) has announced a 1-for-15 reverse stock split effective at 5:00 PM ET on January 3, 2023, with shares trading on a split-adjusted basis starting January 4, 2023. The split aims to increase the per share trading value to comply with Nasdaq Capital Market’s listing standards, reducing the number of shares from approximately 30.8 million to about 2.1 million. This action, approved by stockholders, does not affect ownership percentages, and fractional shares will be rounded up. A new CUSIP number will be assigned.
Oblong, Inc. (Nasdaq: OBLG) reported third-quarter 2022 results, revealing total revenue of $1.2 million, a decrease from $1.8 million in Q3 2021. The company faced a net loss of $7.2 million compared to a net loss of $0.7 million in the same period last year. Notably, Oblong recorded non-cash impairment charges of $5.2 million. The adjusted EBITDA loss was $1.4 million, improving from $1.7 million in Q3 2021. With $4.1 million in cash and no debt, Oblong aims for growth through various strategic avenues, including potential business combinations.
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