AVCT Announces Securities Purchase Agreement

ATLANTA, Feb. 28, 2022 (GLOBE NEWSWIRE) -- American Virtual Cloud Technologies, Inc. (Nasdaq: AVCT) today announced that it has entered into a securities purchase agreement for a sale of equity securities to an institutional investor. The net proceeds, after original issue discount, will total $15 million initially, plus an additional $5 million subject to the satisfaction of certain conditions, including receipt of stockholder approval pursuant to Nasdaq listing rules. AVCT will issue shares of a new series of convertible preferred stock, together with warrants, pursuant to the terms of the securities purchase agreement.

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