- FingerMotion ( NASDAQ: FNGR ) said Wednesday it closed a funding deal for $4M with Lind Global Fund II, an investment fund managed by The Lind Partners.
- The investment is in the form of a securities purchase deal, whereby Lind Global purchased from FNGR and the company issued and sold to the fund a $4.8M senior convertible note and a stock purchase warrant.
- The warrant entitles the holder to buy up to ~3.5M FNGR shares.
- The note has a 24-month maturity and a conversion price of $2/share.
- A total of $4M will be funded under the note (representing the principal amount less a coupon of 20%).
- FNGR is required to make monthly payments on the unpaid face value of the note in 18 equal monthly installments.
- "The proceeds will be primarily allocated across multiple high-margin and high-growth opportunity initiatives currently underway. In particular, FNGR's highest priority initiative is the full-scale nationwide rollout of its mobile device protection business in China," said CEO Martin Shen.
For further details see:
FingerMotion announces $4M funding from Lind Partners