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Sonic Foundry Raises Additional $4.0 Million in Private Placement
Sonic Foundry[R] Inc. (NASDAQ: SOFO), a leading provider of rich media software, systems and services announced today that it has completed an additional $4.0 million offering of convertible subordinated debt with two institutional investors, including an institutional holder who also invested in the offering previously announced by the Company, bringing the total raised in this offering to $7.1 million. The Company has completed its offering.
The debt carries interest at 10% per annum and is convertible into shares of common stock at a fixed rate of $2.45, subject to certain anti dilution adjustments. The investors also received warrants to purchase approximately 653,000 shares of common stock with a strike price of $2.94 per share.
About Sonic Foundry®, Inc.
Sonic Foundry (NASDAQ: SOFO) is the trusted market leader for enterprise webcasting solutions, providing video content management and distribution for education, business and government. Powered by the patented Mediasite webcasting platform and webcast services of Mediasite Events, the company empowers people to advance how they share knowledge online, using video webcasts to bridge time and distance, enhance learning outcomes and improve performance.