Thursday, November 04, 2021 12:30:34 AM
Press Release | 11/03/2021
Metro One Telecommunications, Inc. Raises $1.98 Million in PIPE to further advance its transition to a SaaS based mCommerce Platform
PR Newswire
SHERIDAN, Wyo., Nov. 3, 2021
SHERIDAN, Wyo., Nov. 3, 2021 /PRNewswire/ -- Metro One Telecommunications, Inc. (OTCMarkets: WOWI) ("Company" or "Metro One") announced today that it has raised $1.98 million in gross proceeds resulting from the sale of its common stock and warrants to purchase common stock to certain institutional investors and family offices in a private investment in public equity ("PIPE").
Metro One Telecommunications, Inc.
This financing comes 6 months after Metro One raised $3.25 million of financing in a SAFE round for the purpose of acquiring assets of Royal App Ltd. ("Royal App") out of insolvency proceedings through its wholly-owned Israeli subsidiary, Stratford Ltd. The additional funds will enable the company to transition its existing platform to a modular SaaS solution capitalizing on emerging opportunities driven by unprecedented demand and growth within the mobile commerce space.
"We plan to use the funding to transition our technology to a scalable global mCommerce as a service platform, strengthening our network integration capabilities with existing eCommerce platforms, expanding our presence across high-growth markets in the US and Europe as well as providing an intuitive out of the box solution for small, medium retailers," said Bianca Meger, CEO of Metro One.
Metro One is changing the way retailers integrate mobile commerce solutions within their businesses. Utilizing a combination of mobile tech, AI and machine learning, the company enables retailers to quickly and easily put their businesses online and significantly increase customer retention, basket size and lifetime value.
Metro One Chairman, Nani Maoz said "In 2021, mobile will make up approximately 73%[1] of all e-commerce sales, this translates to three out of every four dollars spent on online. As we complete a private placement of approximately $2M, with Bianca Meger, our newly appointed CEO, participating with a personal investment, we look forward to speeding up the integration of Shelfy's new SaaS product with leading platforms for online retailers."
The shares of the Company's common stock and the warrants to purchase common stock sold in the PIPE have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or any state or other jurisdiction's securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions' securities laws.
About Metro One Telecommunications Inc. OTCMarkets: WOWI
Metro one is the parent company of Shelfy (www.shelfy.io) a next-gen, instant mobile commerce platform enhanced with a proprietary digital advertising media suite tool. The platform enables online and offline retailers to rapidly leverage existing customer data for an interactive shopping experience – without coding. Shelfy's mobile commerce product suite includes an mCommerce Platform, mCommerce Enterprise Platform, Digital Media Suite and fully comprehensive Instore Engagement Suite. Shelfy empowers businesses to grow their customer retention, engagement, and their revenues, with minimum hassle.
Contact information:
Jacqueline Danforth
30 North Gould Street
Suite 2990
Sheridan, WY 82801
Office: 403-693-8004
Cell: 646-831-6244
Email: info@metro1telecomm.com
Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/metro-one-telecommunications-inc-raises-1-98-million-in-pipe-to-further-advance-its-transition-to-a-saas-based-mcommerce-platform-301414741.html
SOURCE Metro One Telecommunications, Inc.
Recent WOWID News
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 04/01/2024 03:37:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 09:13:38 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/19/2024 08:14:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/26/2023 10:16:18 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 11:03:53 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/23/2023 07:53:02 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/18/2023 05:29:34 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM