SRAX Inc (SRAX)

[NetworkNewsWire]

SRAX Enters $3.72 Million Securities Purchase Agreement

Internet advertising company Social Reality, Inc. (NASDAQ: SRAX) this morning announced its entry into a definitive securities purchase agreement with certain institutional and accredited investors for the purchase and sale of up to an aggregate of $3.72 million principal amount Secured Convertible Debentures and five year Series A Warrants representing the right to acquire up to 1,156,667 shares of the company’s Class A common stock in a transaction exempt from registration under the Securities Act of 1933. “This capital infusion satisfies certain current obligations, eliminates uncertainty of the variable priced financial instrument and provides us working capital to continue to grow the business,” Christopher Miglino, chief executive officer of SRAX, stated in the news release. “We believe we are now on more solid financial footing and continue to focus on serving our customers with the most effective platform offerings for their marketing needs.” SRAX expects to use net proceeds from this offering to satisfy a $2.5 million put obligation under Series B Warrants issued as part of a January 2017 direct offering, as well as to satisfy other current obligations and for working capital. Total net proceeds from the offering are expected to be approximately $3.5 million after deducting related fees and expenses.

To view the full press release, visit http://nnw.fm/fL9kw

About SRAX

SRAX is an Internet advertising company that provides tools to automate the digital advertising market. The company’s real-time bidding (RTB) management platform for brands and publishers, also named SRAX, enables brands to launch, distribute, track and optimize social and digital media and consumer engagement campaigns. SRAXmd is a health care-focused programmatic RTB exchange that allows pharma brands and publishers of medical content to create custom exchanges that invite specific advertisers to bid on inventory on their sites. The SRAX Social tool is a social media platform and complete management tool that allows brands to launch, distribute, track and optimize social and digital media and consumer engagement campaigns. SRAX APP is a recently launched platform that allows publishers and content owners to launch native mobile applications through our SRAX platform. For more information, please visit www.srax.com