SRAX Inc (SRAX)

[NetworkNewsWire]

SRAX Announces Sale of Additional $1.28 Million of Secured Convertible Debentures

Internet advertising company Social Reality, Inc. (NASDAQ: SRAX) this morning announced that it has closed on the sale of an additional $1.28 million of 12.5% senior secured convertible debentures under the same terms as the previously announced financing. Giving effect to the first closing of this offering on April 21, 2017, SRAX issued and sold an aggregate of $5,000,000 principal amount of debentures convertible at $3.00 per share and Series A Warrants to purchase 833,337 shares of its Class A common stock at $3.00 per share. “With the final closing, we’ve successfully completed the financing, bringing net proceeds of approximately $4.5 million to the company,” Christopher Miglino, CEO of SRAX, stated in the news release. “With the final closing, we now have additional working capital with which to continue to grow the business, satisfy certain obligations, and help our customers execute their digital media marketing needs.”

To view the full press release, visit http://nnw.fm/2Kcit

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