Embolx, Inc. announced that it has received $1.629 million in funding from PAID, Inc.
October 18, 2022
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Embolx, Inc., announced that it has entered into a Securities Purchase Agreement with PAID, Inc. for issue of senior secured convertible note for gross proceeds of $1.629 million on October 19, 2022. The note is purchased at a 20% original issue discount and is subject to a 9-month maturity, after which, if unpaid, will then carry a 20% interest rate. The company will issue five-year warrants.
The Company has the option to convert the note into shares of common stock of company. Under the securities purchase agreement, the company has a right to purchase additional shares on the same terms for a total potential investment amount of $2 million. The issue of securities in reliance upon an exemption from securities registration requirements of the Securities Act of 1933, as amended, afforded by the provisions of Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated thereunder by the U.S. Securities and Exchange Commission.
PAID, Inc. is engaged in developing software as a service (SaaS) based business services, including PaidPayments, PaidCart, PaidShipping and PaidWeb. These solutions are developed to provide businesses with a streamlined experience for Website creation, online sales, payment collection and shipping all in one platform. Its segments include Client services, Merchant processing services, Shipping coordination and label generation services, and Corporate operations. Its ShipTimeâs platform provides its members with the ability to quote, process, track and dispatch shipments while getting preferred rates on packages and skidded less than truckload (LTL) freight shipments throughout North America and around the world. Its BeerRun Software is a brewery management and alcohol and tobacco tax and trade bureau tax reporting software. Its platform includes a range features, such as mobile editing, search engine optimization, collaboration tools, and pre-designed templates.
PAID, INC. 
