OwlTing Group, the operating brand of Obook Holdings Inc. (OWLS), on Friday announced that it has entered into a securities purchase agreement with Lind Global Asset Management XV LLC for the issuance of a zero-interest convertible security.
The transaction will raise $10 million in gross proceeds.
The agreement also provides the company with access to up to $50 million in total funding.
The transaction includes an initial $10 million investment at closing, expected on or around April 6, and provides for up to $40 million in follow-on investments on similar terms.
The convertible security has a face value of $11.5 million, reflecting a 15% original issue discount, carries no interest, and matures 18 months from issuance.
The investor may convert the security into shares at a fixed price of $9 per share, representing a premium to recent trading levels.
The company said the net proceeds will be used for general corporate purposes, including expansion of its OwlPay global payment infrastructure, regulatory licensing, strategic acquisitions, and working capital.
The agreement includes a 120-day conversion moratorium and allows the company to access additional capital based on operational needs, while supporting its global expansion and long-term growth initiatives.
On Thursday, Obook closed trading 1.19% lesser at $5.81 on the Nasdaq. In the after-hours, the stock traded 0.17% higher at $5.82.
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