AiAdvertising Announces Second Equity Investment Tranche of $2.5 Million from Hexagon Partners
SAN ANTONIO–(BUSINESS WIRE)–AiAdvertising, Inc. (OTC: AIAD), an industry leader in AI-powered advertising solutions, today completed the second tranche of its securities purchase agreement with Hexagon Partners, Ltd., a Texas-based investment company, for a strategic investment of $2.5 million.
Hexagon Partners Equity Investment
On April 11, 2023, AiAdvertising entered into a securities purchase agreement with Hexagon Partners, Ltd. for a strategic investment of $5.0 million and potentially up to $9.25 million. The investment by Hexagon Partners was structured as the purchase of newly designated Series I Preferred Stock of the Company that converts into AIAD’s common stock at a ratio of 1 to 400. In addition to the initial $5.0 million investment, the transaction provided an option for two additional tranches totaling another $4.25 million investment, with a total blended underlying as-converted common share price that represents an aggregate investment at a premium to the closing price of AIAD’s common stock. The $2.5 million second tranche transaction closed on January 30, 2024, and completes the investment.
