Pareteum, a global cloud communications platform company, announced that the Company closed the issuance of $17.5 million in Senior Secured Convertible Notes, with warrants, to an institutional investor.
The net proceeds to the Company will be $14 million. The net proceeds from the financing will be used for working capital, general corporate purposes, growth initiatives and new product development.
“This financing strengthens Pareteum’s balance sheet, provides working capital, and allows us to reinvest in growing the business,” said Bart Weijermars, Interim Chief Executive Officer of Pareteum.
“Our team is focused on delivering exceptional customer experiences during this challenging market environment. Our software platform benefits new and existing customers by enabling them to meet their growing competitive requirements for global connectivity and collaboration.
“We now have the ability to invest further in our proprietary technology, which will well position the Company to capitalize in this disruptive and growing global marketplace.”