Intrusion, a frontrunner in the field of cyber-attack prevention, including zero-days, has secured $2.4m in a private offering.
The company entered into a Securities Purchase Agreement, a strategic move involving the sale of 4,359,374 common stock shares. This sale was coupled with a warrant allowing the purchase of two additional shares per stock at an aggregate price of $0.60 per share. This arrangement was part of a Private Offering, indicating a new phase in the company’s financial journey.
The Private Offering proved fruitful for Intrusion, culminating in net proceeds of $2.4m. These funds are earmarked for various essential needs. The primary areas of allocation include working capital, general corporate purposes, and potentially reducing the outstanding debt owed to Streeterville Capital, LLC. This influx of capital is poised to bolster Intrusion’s financial health and operational capabilities.
Remarkably, this financial exercise saw active participation from Intrusion’s top-tier management and board members. CEO Tony Scott, CFO Kimberly Pinson, Chairman Anthony LeVecchio, and Directors Gregory Wilson, James Gero, and Katrinka McCallum all contributed to the Private Offering. Their involvement underlines a strong internal belief in the company’s direction and potential.
Tony Scott, Intrusion’s CEO, expressed enthusiasm about the recent development. “We are excited to announce that we have entered into an above-market price Securities Purchase Agreement through a Private Offering,” he said.
Wellington Shields & Co. LLC played a crucial role as the placement agent in this offering, facilitating the successful completion of the process.
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