The Glimpse Group Announces the Closing of a $7.29 Million Registered Direct Offering; Proceeds to Accelerate Spatial Computing, AI and Immersive Capabilities and Support Customer Contracts Traction
The Glimpse Group (NASDAQ:VRAR) has announced the closing of a $7.29 million registered direct offering through the sale of 2.75 million shares of common stock and/or pre-funded warrants at $2.65 per share. The offering was made to one institutional investor, with Kingswood Capital Partners acting as the exclusive placement agent.
Following this financing, the company reports approximately $8.5 million in cash, expects profitable operations, and maintains a clean balance sheet with no corporate debt, convertible debt, or preferred equity. The offering is expected to close around December 24, 2024, subject to customary closing conditions. The company intends to use the proceeds to accelerate its Spatial Computing, AI, and Immersive capabilities and support customer contracts.
The Glimpse Group (NASDAQ:VRAR) ha annunciato la chiusura di un
Dopo questo finanziamento, la società riporta circa 8,5 milioni di dollari in contante, si aspetta operazioni redditizie e mantiene un bilancio pulito senza debito societario, debito convertibile o azioni privilegiate. Si prevede che l'offerta si chiuda intorno al 24 dicembre 2024, soggetta alle consuete condizioni di chiusura. L'azienda intende utilizzare i proventi per accelerare le sue capacità di Spatial Computing, IA e Immersive e per supportare i contratti con i clienti.
El Glimpse Group (NASDAQ:VRAR) ha anunciado el cierre de una oferta directa registrada de 7,29 millones de dólares a través de la venta de 2,75 millones de acciones ordinarias y/o warrants prefinanciados a 2,65 dólares por acción. La oferta se realizó a un inversor institucional, con Kingswood Capital Partners actuando como agente de colocación exclusivo.
Tras este financiamiento, la empresa informa que posee aproximadamente 8,5 millones de dólares en efectivo, espera operaciones rentables y mantiene un balance limpio sin deuda corporativa, deuda convertible o acciones preferentes. Se espera que la oferta se cierre alrededor del 24 de diciembre de 2024, sujeto a las condiciones de cierre habituales. La empresa tiene la intención de utilizar los ingresos para acelerar sus capacidades de Computación Espacial, IA e Inmersiva y apoyar los contratos con los clientes.
글림프스 그룹 (NASDAQ:VRAR)이 729만 달러 규모의 등록 직접 공모를 통해 275만 주의 보통주 및/또는 사전 자금 확보된 워런트를 주당 2.65달러에 판매하여 종료했음을 발표했습니다. 이 공모는 한 기관 투자자에게 이루어졌으며, 킹스우드 캐피탈 파트너스가 독점 배급 대리인 역할을 했습니다.
이번 자금 조달 이후, 회사는 약 850만 달러의 현금을 보유하고 있으며, 수익성 있는 운영을 기대하고 있으며, 기업채무, 전환채무 또는 우선주가 없는 깨끗한 대차대조표를 유지하고 있습니다. 이 공모는 2024년 12월 24일경에 종료될 것으로 예상되며, 일반적인 종료 조건에 따릅니다. 회사는 수익을 사용하여 공간 컴퓨팅, 인공지능 및 몰입형 기능을 가속화하고 고객 계약을 지원할 계획입니다.
Le Glimpse Group (NASDAQ:VRAR) a annoncé la clôture d'une offre directe enregistrée de 7,29 millions de dollars par la vente de 2,75 millions d'actions ordinaires et/ou de bons de souscription préfinancés à 2,65 dollars l'action. L'offre a été faite à un investisseur institutionnel, avec Kingswood Capital Partners agissant en tant qu'agent de placement exclusif.
À la suite de ce financement, l'entreprise rapporte environ 8,5 millions de dollars en cash, s'attend à des opérations rentables et maintient un bilan sain sans dettes d'entreprise, dettes convertibles ou actions privilégiées. La clôture de l'offre est prévue autour du 24 décembre 2024, sous réserve des conditions habituelles de clôture. L'entreprise prévoit d'utiliser les fonds pour accélérer ses capacités en matière de calcul spatial, d'IA et d'immersion et pour soutenir les contrats clients.
Die Glimpse Group (NASDAQ:VRAR) hat den Abschluss eines registrierten Direktangebots von 7,29 Millionen Dollar bekannt gegeben, durch den Verkauf von 2,75 Millionen Aktien und/oder vorab finanzierten Warrants zu 2,65 Dollar pro Aktie. Das Angebot wurde an einen institutionellen Investor gerichtet, wobei Kingswood Capital Partners als exklusiver Platzierungsagent fungiert.
Nach dieser Finanzierung berichtet das Unternehmen von ca. 8,5 Millionen Dollar in Bar, erwartet rentable Geschäfte und pflegt eine saubere Bilanz ohne Unternehmensschulden, konvertierbare Schulden oder Vorzugsaktien. Das Angebot wird voraussichtlich rund um den 24. Dezember 2024 abgeschlossen, vorbehaltlich üblicher Abschlussbedingungen. Das Unternehmen beabsichtigt, die Erlöse zu nutzen, um seine Fähigkeiten in den Bereichen Spatial Computing, KI und Immersive zu beschleunigen und Kundenaufträge zu unterstützen.
- Raised $7.29 million in gross proceeds through registered direct offering
- Strong cash position of $8.5 million post-financing
- Clean balance sheet with no corporate debt or preferred equity
- Expected profitable operations
- Potential dilution for existing shareholders due to issuance of 2.75 million new shares
Insights
This
The timing of this capital raise is strategic, positioning Glimpse to capitalize on the growing spatial computing and AI market opportunities. The absence of toxic financing terms (no convertible debt or preferred equity) preserves long-term shareholder value. For a company with a
The capital infusion strategically aligns with the accelerating convergence of spatial computing, AI and immersive technologies. Glimpse's enterprise-focused approach in VR/AR positions them at the intersection of two major tech trends: the spatial computing revolution and enterprise digital transformation. The funding enables them to enhance their technology stack and support growing customer contracts, critical for scaling in the enterprise immersive solutions market.
In simpler terms: Think of this as Glimpse getting the fuel needed to build better 3D computing tools that businesses can use to work smarter, while also having enough money to support their growing customer base. This matters because more companies are starting to use VR/AR technology in their daily operations.
NEW YORK, NY / ACCESSWIRE / December 23, 2024 / The Glimpse Group, Inc. ("Glimpse") (NASDAQ:VRAR)(FSE:9DR), a diversified Immersive Technology platform company providing enterprise-focused Virtual Reality ("VR"), Augmented Reality ("AR") and Spatial Computing software and services, today announced that it entered into an registered direct public offering with one institutional investor.
The offering consisted of the sale of 2.75 million shares of common stock and/or pre-funded warrants, for aggregate gross proceeds of approximately
Lyron Bentovim, President & CEO of Glimpse, commented: "Post this clean financing, we have approximately
Kingswood Capital Partners, LLC, acted as the exclusive placement agent for the offering. The registered direct offering is expected to close on or about December 24, 2024, subject to the satisfaction of customary closing conditions. Kesse PLLC acted as securities counsel to the Company.
The securities described above are being offered pursuant to a "shelf" registration statement (File No. 333-268027) filed with the Securities and Exchange Commission (SEC) on October 27, 2022 and declared effective on November 30, 2022. Such securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the securities will be filed with the SEC.
When available, copies of the prospectus supplement relating to this registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Kingswood Capital Partners at https://kingswoodus.com/contact.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor are there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
About The Glimpse Group, Inc.
The Glimpse Group (NASDAQ: VRAR) is a diversified Immersive technology platform company, providing enterprise-focused Virtual Reality, Augmented Reality and Spatial Computing software & services. Glimpse's unique business model builds scale and a robust ecosystem, while simultaneously providing investors an opportunity to invest directly into this emerging industry via a diversified platform. For more information on The Glimpse Group, please visit www.theglimpsegroup.com
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release may contain certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements, if provided, are based on information available to the Company as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements, if provided, include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "view," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts, if provided, are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, any forecasts, if provided, are entirely on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Company Contact:
Maydan Rothblum
CFO & COO
The Glimpse Group, Inc.
(917) 292-2685
maydan@theglimpsegroup.com
SOURCE: The Glimpse Group, Inc.
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