Metro One Telecommunications, Inc. Raises $1.98 Million in PIPE to further advance its transition to a SaaS based mCommerce Platform

Rhea-AI Summary

Metro One Telecommunications (OTCMarkets: WOWI) has successfully raised $1.98 million in a private placement of common stock and warrants. This funding follows a previous $3.25 million financing for asset acquisition and aims to support the transition to a modular SaaS solution in the booming mobile commerce sector. CEO Bianca Meger emphasized the goal of enhancing their platform's scalability and integration with eCommerce platforms to tap into the growing market demand. Mobile commerce is projected to comprise 73% of all e-commerce sales in 2021.

Positive

• Raised $1.98 million in PIPE financing to support business growth.
• Previous $3.25 million funding secured for asset acquisition shows financial momentum.
• Transitioning to a scalable SaaS-based mobile commerce platform capitalizes on growing market demand.
• Increased presence in high-growth markets in the US and Europe planned.

Negative

• None.

SHERIDAN, Wyo., Nov. 3, 2021 /PRNewswire/ -- Metro One Telecommunications, Inc. (OTCMarkets: WOWI) ("Company" or "Metro One") announced today that it has raised $1.98 million in gross proceeds resulting from the sale of its common stock and warrants to purchase common stock to certain institutional investors and family offices in a private investment in public equity ("PIPE"). 

This financing comes 6 months after Metro One raised $3.25 million of financing in a SAFE round for the purpose of acquiring assets of Royal App Ltd. ("Royal App") out of insolvency proceedings through its wholly-owned Israeli subsidiary, Stratford Ltd. The additional funds will enable the company to transition its existing platform to a modular SaaS solution capitalizing on emerging opportunities driven by unprecedented demand and growth within the mobile commerce space.  

"We plan to use the funding to transition our technology to a scalable global mCommerce as a service platform, strengthening our network integration capabilities with existing eCommerce platforms, expanding our presence across high-growth markets in the US and Europe as well as providing an intuitive out of the box solution for small, medium retailers," said Bianca Meger, CEO of Metro One.

Metro One is changing the way retailers integrate mobile commerce solutions within their businesses. Utilizing a combination of mobile tech, AI and machine learning, the company enables retailers to quickly and easily put their businesses online and significantly increase customer retention, basket size and lifetime value.

Metro One Chairman, Nani Maoz said "In 2021, mobile will make up approximately 73%[1] of all e-commerce sales, this translates to three out of every four dollars spent on online. As we complete a private placement of approximately $2M, with Bianca Meger, our newly appointed CEO, participating with a personal investment, we look forward to speeding up the integration of Shelfy's new SaaS product with leading platforms for online retailers."

The shares of the Company's common stock and the warrants to purchase common stock sold in the PIPE have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or any state or other jurisdiction's securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions' securities laws.

About Metro One Telecommunications Inc. OTCMarkets: WOWI

Metro one is the parent company of Shelfy (www.shelfy.io) a next-gen, instant mobile commerce platform enhanced with a proprietary digital advertising media suite tool.  The platform enables online and offline retailers to rapidly leverage existing customer data for an interactive shopping experience – without coding. Shelfy's mobile commerce product suite includes an mCommerce Platform, mCommerce Enterprise Platform, Digital Media Suite and fully comprehensive Instore Engagement Suite. Shelfy empowers businesses to grow their customer retention, engagement, and their revenues, with minimum hassle.

Contact information:
Jacqueline Danforth
30 North Gould Street
Suite 2990
Sheridan, WY 82801
Office: 403-693-8004
Cell: 646-831-6244
Email: info@metro1telecomm.com

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SOURCE Metro One Telecommunications, Inc.

FAQ

What funding did Metro One raise on November 3, 2021?

Metro One raised $1.98 million through a private investment in public equity (PIPE).

How will Metro One use the funds raised in the PIPE?

The funds will be used to transition to a modular SaaS solution in mobile commerce and enhance network integration with eCommerce platforms.

What was the purpose of Metro One's previous funding of $3.25 million?

The previous funding was aimed at acquiring assets of Royal App Ltd. out of insolvency proceedings.

What percentage of e-commerce sales is expected to be from mobile in 2021?

Mobile commerce is projected to account for approximately 73% of all e-commerce sales in 2021.

What does the new funding position Metro One for in the market?

It positions Metro One to capitalize on emerging opportunities in the mobile commerce space, particularly in high-growth markets.