By Chris Wack
Oblong shares were 15% lower at $3.20 after the company initiated a securities purchase agreement to raise $7.5 million through the sale of 2 million shares at $3.77 a share in a private placement.
The technology services provider said the offering, led by institutional investors focused on emerging technology, is expected to close on or about June 11.
The company intends to use the proceeds from the offering to launch its Bittensor-centric AI and digital asset strategy.
Oblong plans to buy $TAO, the native token of Bittensor, a decentralized intelligence protocol.
In addition to the proceeds from the private placement, the company had $4.3 million in cash and no debt as of March 31, and said it intends on making significant investments in the Bittensor network.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 06, 2025 12:39 ET (16:39 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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