Oblong, Inc. announced that it has entered into a Securities Purchase Agreement of 6,550 Series F convertible preferred stock for gross proceeds of $6,386,250 on March 30, 2023. The company will also issue preferred warrants to purchase up to 32,750 shares of series F preferred stock and common warrants to acquire up to 3,830,413 shares of common stock. The securities will be issued pursuant to exemption provided under Regulation D. The preferred shares will be converted into common shares at conversion price of $1.71 per share.

The holders of the preferred shares are entitled to dividends of 9% per annum. The preferred warrants are exercisable for series F preferred stock at an exercise price of $975, and the common warrants are exercisable for common shares at an exercise price of $1.71 per share. The preferred warrants expire three years from the date of issuance and are exercisable for cash.

The common warrants expire five and a half years after the date of issuance.