Smith Micro Announces Above Market $7.5 Million Private Placement Offering of Common Stock and Warrants

▤ Summary

ALISO VIEJO, Calif.--( BUSINESS WIRE )--Smith Micro Software, Inc. ( NASDAQ: SMSI ) (“Smith Micro” or the “Company”) today announced that it has entered into a securities purchase agreement with institutional investors for the issuance and sale of $7.5 million of the Company’s common stock at a purchase price of $2.32 per share.The Company intends to use the net proceeds for general corporate purposes and to repay certain short and long-term debt obligations.“This capital raise significantly enhances our balance sheet, giving us maximum flexibility to execute quickly on strategic initiatives, while simultaneously paying off short and long-term debts.”Our portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual messaging, and 2D/3D graphics applications.Certain statements in this press release are forward-looking statements regarding future events or results, including statements related to our future business plans and operating and financial results, our plans for future M&A and strategic activity, our intended payment of debts, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions.Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements.Among the important factors that could cause or contribute to such differences are our ability to continue as a going concern, our ability to raise more funds to meet our capital needs, changes in demand for our products from our customers and their end-users, customer concentration, given that the majority of our sales depend on a few large customer relationships, new and changing technologies, customer acceptance and timing of deployment of those technologies, and our ability to compete effectively with other software and technology companies.

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Smith Micro Software, Inc.

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