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Boxlight Receives $22,000,000 Investment from The Lind Partners

Investment increases cash available for future acquisitions

Boxlight Corporation (Nasdaq: BOXL), a leading provider of interactive technology solutions for the global education market, today announced its entry into a funding agreement for gross proceeds of $22,000,000 with Lind Global Macro Fund, LP, an investment fund managed by The Lind Partners, a New York based institutional fund manager.

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“We are pleased to provide another follow-on investment to Boxlight”

“Proceeds from the investment, along with the $34.5 million in gross proceeds from our July 2020 offering, will be used for future acquisition opportunities,” said Michael Pope, Chairman and Chief Executive Officer at Boxlight. “Specifically, we are targeting companies for acquisition that will either increase our global footprint or enhance our solutions portfolio for the education market. Potential candidates will be immediately accretive, generate significant revenues, produce positive earnings, and exhibit substantial growth potential.”

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The investment is in the form of a $22,000,000 convertible note with a 24-month maturity, a 4% APR (0% APR if the Company’s stock price is trading above $3.50), and a fixed conversion price of $3.50 per share of Boxlight’s Class A voting common stock. Principal payments are due in 20 monthly installments beginning November 2020. Under the terms of the note, Boxlight has the right to make principal and interest payments in the form of either cash or Class A common stock. Boxlight also has the right to prepay the convertible note at any time without penalty (the “Buy-Back Right”). Should Boxlight choose to exercise its Buy-Back Right, Lind Global Macro Fund will have the option of converting 25 percent of the outstanding face value into shares of Boxlight Class A common stock.

“We are pleased to provide another follow-on investment to Boxlight,” said Phillip Valliere, managing director at The Lind Partners. “Boxlight’s management team has exhibited a strong history of integrating successful acquisition targets, and we are confident in their ability to continue to grow through future acquisitions as well as organically. We are also impressed with the company’s progress over recent quarters including new product launches and partnerships, significant contract wins, improved earnings and healthy working capital.”

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