On Tuesday Pareteum Corporation (NASDAQ:TEUM) stock traded volume of 4094163 shares during its last trading session as compared to its average volume of 3716162 shares over the recent month. TEUM ended its day with the positive stream along the move of 6.73% and closed at the price of $0.45 before opening at $0.42. It has total market capitalization is $50974500. 52week range of the stock remained $ 0.29 – 5.93 while its day lowest price was $0.42 and its hit its day highest price at $0.47.
On Dec. 17, 2019, Pareteum Corporation (NASDAQ:TEUM) a rapidly growing cloud communications platform company, disclosed an offering of up to 255 shares of non-convertible 8% Series C Redeemable Preferred Stock for an aggregate purchase price of up to $20.0 million. The Company expects to receive approximately $5.0 million in gross proceeds from the initial closing rounds, which are expected to be completed by December 20, 2019. Under the agreement, the Company may raise up to an additional $15.0 million in gross proceeds at a purchase price of $100,000 per share. The Company intends to use the net proceeds for working capital, general corporate purposes and growth initiatives.
We are pleased to complete this financing as it responsibly strengthens our balance sheet and provides capital to execute on our growth strategy, said Mary Beth Vitale, Interim Chairman of Pareteum. We remain focused on operating the business and delivering outstanding results for our customers. Our unique products and technology offerings continue to drive strong customer demand and we are well positioned to capitalize on a large and rapidly growing market opportunity.
Hoving & Partners S.A., a long-time financial supporter of Pareteum, acted as the investor in the offering, showing confidence in Pareteum, its capabilities and the opportunity ahead.
More information regarding the financing may be found on Form 8-K dated December 16, 2019 on file with the Securities and Exchange Commission.
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