AIAD - AiAdvertising raises $5M to fuel growth

2023-04-11 09:41:48 ET

• AdTech company focused on harnessing the power of AI and ML, AiAdvertising ( OTCPK:AIAD ), enters securities purchase agreement with Hexagon Partners for a strategic investment of $5M and potentially up to $9.25M.
• The transaction is expected to close this day.
• The investment by Hexagon Partners was structured as the purchase of newly designated Series I Preferred Stock that converts into AIAD’s common stock at a ratio of 1 to 400.
• In addition to the initial $5M investment, the transaction provides an option for two additional tranches totaling another $4.25M investment, with a total blended underlying as-converted common share price.
• Jerry Hug, CEO of AiAdvertising, commented, “This investment by Hexagon Partners is a huge vote of confidence for what our team has been building at AiAdvertising. We have always known we have something special, but it is validating when someone successful sees that and invests in our future relationship together. I am excited to see the return of Brad Parscale, who can provide invaluable strategic advice for us. Together with the addition of our new CFO, AIAD is poised to reach a new level of performance in the execution of our strategic vision.”

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