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Glowpoint Announces Registered Direct Offering of Series B Convertible Preferred StockDENVER, Colo., Oct. 23, 2017 (GLOBE NEWSWIRE) -- Glowpoint, Inc. (“Glowpoint” or the “Company”) (NYSE American:GLOW), a managed service provider of video collaboration and network applications, announced today that it agreed to sell 2,800 shares of its Series B convertible preferred stock in a registered direct offering. The shares of Series B convertible preferred stock have an offering price equal to their stated value of $1,000 per share and are convertible into shares of the Company’s common stock at a conversion price of $0.28 per share, subject to customary adjustments. The net proceeds, after estimated expenses of the offering payable by the Company, will be approximately $2,325,000. The Company expects to close the offering on or about October 24, 2017, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering for general corporate purposes, which may include working capital, capital expenditures, other corporate expenses and acquisitions of complementary products, technologies or businesses, although the Company does not have any current plans, agreements or commitments for any specific acquisitions at this time. No placement agent or broker dealer was used or participated in the offering of the shares of Series B convertible preferred stock. A shelf registration statement on Form S-3 (File No. 333-209013) relating to the shares of Series B convertible preferred stock being offered was declared effective by the Securities and Exchange Commission (the "SEC") on January 28, 2016. The offering may only be made by means of a prospectus supplement and the accompanying prospectus. Copies of the final prospectus supplement and accompanying prospectus willbe filed with the SEC and may be obtained by visiting EDGAR on the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About Glowpoint Forward looking and cautionary statements INVESTOR CONTACT: |