Oblong loses on share sale newsOblong Inc, a collaboration solutions provider, drops nearly 20% in the first two hours of Monday trading after inking an agreement to sell 4 million shares at a loss of almost 22% from last week’s closing price.
Oblong Inc, which designs and develops software and hardware that aims to deliver a better human-computer interface, went plummeting 19% in the first two hours of trading after announcing an agreement with both existing and new institutional investors. The deal is for the purchase of 4 million common shares at $3.10 each, down 21.7% from Friday’s closing price of $3.96. The proceeds to Oblong look to be around $12.4 million.
Though the stock has gained 179% in the last year, the collaborative-conferencing platform missed on its Q1 earnings, with total revenue coming in at $1.9 million compared to $5.3 million for the same quarter the year before.