Communication Intelligence Corporation closes $1.1M funding round
Communication Intelligence Corporation announced it recently closed a new round of funding with a handful of existing and new investors providing working capital.
The announcement comes a few months after Communication Intelligence Corporation closed its previous round of funding, raising a total of $2.7 million.
For this round of funding, investors subscribed to approximately $1.1 million of the company’s Series D-1 Preferred Stock, resulting in a conversion rate of approximately $0.0225 per share.
“After evaluating a number of funding alternatives, we opted for this smaller private placement to limit shareholder dilution,” said Philip Sassower, chairman and CEO for CIC. “This additional capital injection, together with the funding available under the previously announced credit agreement with ICG, is expected to provide CIC with sufficient runway to execute on our healthy pipeline of opportunities, and to delay consideration of a broader-based strategy to recapitalize the company and to improve the trading environment for our shares of common stock. Phoenix and its investment partners remain committed to CIC and optimistic in the company’s ability to successfully execute its business plan.”
More information about this funding round can be found in CIC’s Current Report on Form 8-K that it said it will soon file with Securities and Exchange Commission.
CIC provides electronic signature products, with a particular focus and expertise in biometric signature verification – a behavioral measure.