– Funds Expected to Accelerate the Company’s Near-Term Growth Initiatives –
Gaithersburg, MD, May 11, 2021 (GLOBE NEWSWIRE) — mPhase Technologies, Inc. (OTC: XDSL) (“mPhase” or the “Company”), a leading technology driven development company that creates and commercializes solutions that impact everyday people, today announced it has entered into a Securities Purchase Agreement with two accredited investors raising over $3 million for the company.
Per the terms of the agreement, the capital was raised via a convertible promissory note with a fixed conversion price of $0.20 per share with two new accredited investors. The note matures on May 5, 2022 and bears interest at the rate of 5% per annum. Full terms of the note are available in the Company’s Form 8-K dated May 11, 2021 as filed with the SEC.
Anshu Bhatnagar, Chief Executive Officer of mPhase commented, “The investors who participated in this round are our first institutional investors. The note was specifically crafted so that it should not, in our view, impede a future listing to a national securities exchange. The note includes provisions for a forced conversion upon a Qualified Uplist with up to 90% of the related shares subject to a 180-day lock up period after the Company’s listing on a national exchange. We are very pleased to have our first strategic institutional investors as we embark on what we believe will be a transformative growth stage for our company.
The additional capital will ensure a rapid start to the current multi-year plan, which includes creating a consumer engagement ecosystem that is gaining traction with potential partners in retail, transportation and government.”
About mPhase Technologies
mPhase is a technology driven, innovative development company that creates and commercializes products and applications that impact everyday people. The Company is assembling industry-leading teams specializing in artificial intelligence, machine learning, software, consumer engagement, and other advanced technologies. Additional information can be found at the mPhase website, www.mphasetech.com. Please follow us on twitter: @mPhase_Tech for the latest updates.
Safe Harbor Statement
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