BOX SET: Boxlight Corp., a publicly-traded company that offers interactive displays and hardware for education markets, received $4 million in a convertible note from Lind Global Macro Fund, an investment fund managed by New York institutional fund manager The Lind Partners.
The Lawrenceville, Ga.-based education company will use the money to continue growing, work toward a positive cash flow, launch new products and increase inventory in the U.S. and Europe, among other plans, according to a statement Monday. The company has grown market share and its products suite through acquisition recently. Earlier this month, Boxlight bought Modern Robotics’ assets for $970,000. Boxlight’s previous acquisitions include EOS Education, Qwizdom, Cohuburate and Mimio.
This is Lind’s first investment in education technology. The investor focuses on small- to mid-cap publicly traded companies in English-speaking countries that work in technology, mining, gas and other industries, according to its website.
Boxlight will pay interest on the investment, which should equal 18 monthly installments of about $244,000 six months after the deal closes. Boxlight can prepay and Lind can convert some of the investment into company shares. Boxlight shares traded at $2.86 Tuesday morning, up from $2.80 Monday morning.
