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TEL AVIV - Viewbix Inc. (NASDAQ:VBIX), a developer of advertising technology with a market capitalization of $35.9 million, announced Wednesday it has closed a private placement raising approximately $4.5 million from investors, including strategic institutional participants. The company’s stock has shown remarkable momentum, delivering an over 800% return in the past year according to InvestingPro data.
The financing follows the company’s June 5 uplisting to the Nasdaq Capital Market. Viewbix indicated it plans to use the proceeds to continue its previously announced process of identifying potential new business opportunities, investments and activities across various sectors. This capital raise comes at a crucial time, as InvestingPro analysis shows the company currently operates with weak gross profit margins of 18.2% and faces challenges with short-term obligations exceeding liquid assets.
Viewbix operates in digital advertising through its subsidiaries Gix Media Ltd. and Cortex Media Group Ltd. The company’s business is divided into two main segments: search and digital content. Its search division develops technological software solutions that automate, optimize and monetize internet campaigns to acquire and route user traffic to customers.
The digital content segment focuses on creating and editing content in multiple languages for different audiences to generate revenue from major advertising platforms including Google, Facebook, Yahoo and Apple.
The company’s technological tools are designed to help advertisers and website owners increase earnings from their advertising campaigns.
This announcement was made in a company press release statement.
In other recent news, Viewbix Inc. has completed a private placement, raising approximately $4.5 million from strategic institutional investors. The transaction involved the sale of 925,923 units and pre-funded units, priced at-the-market under Nasdaq rules. Each common unit comprises one share of common stock and a warrant exercisable at $4.74 per share, with a 5.5-year term. The proceeds from this private placement are earmarked for general corporate purposes and working capital. Additionally, Viewbix has been approved for listing on the Nasdaq Capital Market, with trading set to begin under the ticker "VBIX." This development is supported by Xylo Technologies Ltd., which holds an indirect investment in Viewbix through its significant stake in Gix Internet Ltd. Xylo Technologies expressed confidence in Viewbix’s growth potential with its Nasdaq uplisting. Aegis Capital Corp. served as the exclusive placement agent for the private placement.
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