Glowpoint, Inc. and Oblong Industries Sign Definitive Merger Agreement, Create Industry Leader for Next Generation Collaboration Solutions
GLOWPOINT (GLOW)
NASDAQ:AMEX Investor Relations:
glowpoint.com/company/investor-relations
Company Research
Source: GlobeNewswire
DENVER and LOS ANGELES, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Glowpoint, Inc. (NYSE American: GLOW) (“Glowpoint” or the “Company”), a managed service provider of video collaboration and network applications, and Oblong Industries, Inc. (“Oblong”), a collaboration technology company headquartered in Los Angeles, CA, today announced that they have executed a Definitive Merger Agreement (the “Merger Agreement”) relating to the proposed business combination of Glowpoint and Oblong (the “Merger”). At the closing of the Merger (the “Closing”), which is expected to occur prior to October 15, 2019, and in exchange for all outstanding equity of Oblong, (i) Oblong stockholders will be issued shares of Glowpoint’s Series D Convertible Preferred Stock, which will be convertible into approximately 17.4 million shares of Glowpoint’s common stock at a conversion price of $2.85 per share, and (ii) Glowpoint will assume all outstanding options to purchase shares of Oblong’s common stock. Glowpoint’s S
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