Onstream Media Secures $900K from Lincoln Park Capital Fund
POMPANO BEACH - Onstream Media Corporation a online service provider of live and on-demand Internet broadcasting, corporate web communications and virtual marketplace technology has announced a signed agreement to sell its securities to Lincoln Park Capital Fund, LLC, a Chicago-based institutional investor.
Under the agreement, LPC has agreed to invest gross proceeds of $900,000 in Onstream in exchange for 300,000 shares of common stock at $1.25 per share.
"We are pleased to secure this investment from LPC, priced at a premium to market even after considering the NASDAQ computed value of the warrants. This investment accomplishes our financing goals of minimum dilution to our current investors and bringing on board a new fundamental institutional investor with a significant stake in the Company. It comes at an important time for us as we are continuing to execute on our legacy business, including audio and web conferencing, digital media services and webcasting, as well as the initial launch of our MarketPlace365 product offering," said Randy Selman, President and CEO of Onstream Media.
