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Glowpoint Simplifies Capital Structure
August 8, 2011 | William Zimmerman
Eliminates Over $7 Million Liquidation Preference
MURRAY HILL, N.J., August 5, 2011 - Glowpoint Inc. (OTCBB: GLOW), a leading global provider of cloud managed video services, today reported that it has significantly simplified its capital structure by eliminating preferred stock and warrants.
Pursuant to the transactions, which closed on August 3, 2011, the holders of $7.24 million of series A-2 preferred stock voluntarily converted into 2,413,675 shares of common stock at a conversion price of $3 per share. In addition, substantially all outstanding warrants were converted into common stock.
Following these transactions Glowpoint has a total of 25,113,701 shares of common stock issued and outstanding, with fewer than 300,000 shares issuable upon conversion of any remaining outstanding convertible preferred stock and warrants.
"This provides Glowpoint with a much simpler capital structure which we believe will be helpful as we look to increase our exposure to the investment community and create increased value for our shareholders," said John McGovern, Glowpoint's CFO and executive vice president.
Glowpoint, Inc. (OTCBB: GLOW) provides cloud managed video services that make the delivery of consistently high-quality video conferencing and telepresence service as simple as using the internet, between any technology, network and business. Using our Open Video cloud architecture, Glowpoint enables organizations of all sizes to adopt business-class video easily, scale instantly and collaborate openly, yet securely across technology boundaries - to realize the full value of visual communications. To learn more please visit www.glowpoint.com.
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