Smith Micro Software Inc. has announced the closing of its follow-on offering, which includes the issuance of 1,612,903 registered shares of its common stock at a price of $0.93 per share to certain institutional and accredited investors. Alongside this, the company issued accompanying unregistered warrants, allowing the purchase of an equal number of shares at an exercise price of $1.20 per share, with anti-dilution protections. The warrants, immediately exercisable, will expire five years after issuance. The registered offering and concurrent private placement have generated approximately $1.5 million in gross proceeds for Smith Micro, intended for working capital and general corporate purposes. Chardan acted as the financial advisor, with Buchanan Ingersoll & Rooney PC and Haynes and Boone, LLP serving as legal counsel to the Company and investors, respectively.
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