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Board and Preferred Holder Approved Funding Fully Subscribed
Communication Intelligence Corporation (OTCQB:CICI), a supplier of electronic signature and business document work flow solutions, today announced that investors had fully subscribed to the previously announced round of funding.
Subscriptions were made by a number of existing and new investors to provide working capital and to convert all outstanding indebtedness to equity.
In the transaction, which had closings on December 31, 2013, and on February 7 and March 6, 2014, investors subscribed to approximately $3.3 million in units of CIC’s most senior class of equity, the Series D Preferred Stock, having a blended conversion rate of approximately $0.0275 per share.
Of this amount, $2,129,000 relates to signed subscription agreements for cash, and approximately $1,150,000 relates to the conversion of principal of certain unsecured promissory notes. Investors were also issued warrants to purchase shares of Common Stock at an exercise price of $0.0275 per share.
“In a complicated funding environment for nano- and micro-cap companies, the full subscription of our approved funding round is a testament both to the increasing appeal of e-signature market and to CIC’s unique positioning within it,” said Philip Sassower, chairman and chief executive officer for CIC.
“We continue to see strong investor support for the company and remain highly confident in CIC’s ability to meet its objectives in 2014 and beyond.”
CIC is a leading supplier of electronic signature products and the recognized leader in biometric signature verification. CIC enables companies to achieve truly paperless workflow in their electronic business processes by providing multiple signature technologies across virtually all applications.
