Logiq, Inc. said it has closed a public offering, raising gross proceeds of approximately US$4.0 million (C$5.0 million) before deducting offering expenses.
In connection with the offering, Logiq entered into a stock purchase agreement with certain investors under which the company agreed to issue and sell, in a registered direct offering, 1,668,042 shares of the company’s common stock, par value US$0.0001 per share, to the purchasers at an offering price of US$2.40 (C$3.00) per share. The price for the registered offering was reserved with the NEO Exchange on July 16, 2021.
Logiq said it intends to use the net proceeds from the offering for working capital and general corporate purposes.
READ: Logiq teams up with GumGum to bring contextual targeting and brand safety to e-commerce marketers
Separately, Logiq said it has issued warrants to purchase up to 1,668,042 shares of common stock. Each warrant is a cash warrant and is exercisable at any time after August 6, 2021, and prior to August 6, 2024, with an exercise price of US$2.85 (C$3.56) per share (subject to a contractual 8% discount for one holder). The warrants were not registered under the registered offering.
The shares were offered by Loqiq under a prospectus supplement filed on August 6, 2021, to the company’s effective shelf registration statement on Form S-3 (Registration No. 333-248069), which was initially filed with the Securities and Exchange Commission on August 17, 2020, and was declared effective on August 26, 2020.
In addition to its previously announced Canadian initial public offering which raised C$5.9 million, Logiq has raised in excess of US$10 million under its shelf registration statement in the US in the past 12 months.
Logiq is a US-based leading global provider of e-commerce and fintech business enablement solutions. Its DataLogiq business provides a data-driven, end-to-end e-commerce marketing solution. Its AI-powered LogiqX data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s Fixel technology offers simplified online marketing with critical privacy features.
In its AppLogiq business, Logiq’s platform-as-a-service, branded as CreateAPP, enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateAPP empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way.
CreateAPP is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia. The company’s PayLogiq, branded as AtozPay in Indonesia, offers mobile payments, and GoLogiq, branded as AtozGo in Indonesia, offers hyper-local food delivery services.
Contact the author at jon.hopkins@proactiveinvestors.com