Inseego Corp. (Nasdaq: INSG), an industry provider of solutions for intelligent mobile enterprises, has announced that it completed a USD 19.7 million private placement on August 6, 2018, the company said.
Investors are an affiliate of Tavistock Group, an international private investment firm, and existing shareholder, North Sound Partners.
Concurrent with this transaction, CEO Dan Mondor has been elected Chairman of the board of directors, replacing Phil Falcone who has stepped down. In addition, Jim Avery of Tavistock Group and Brian Miller of North Sound Partners have joined Inseego´s board of directors.
Jim Avery joined Tavistock Group in 2014 and is currently a Senior Managing Director.
Brian Miller is Chief Investment Officer of North Sound Partners and General Partner of North Sound Ventures, which invests directly in early stage growth opportunities and helps companies create shareholder value.
Upon the closing of this transaction, the company issued to the Investors a total of 12,062,000 units, at a purchase price of USD 1.63 per unit, with each unit consisting of a share of the company´s common stock and a warrant to purchase an additional .35 of a share of the company´s common stock at an exercise price of USD 2.52 per share.
Inseego enables high performance mobile applications for large enterprise verticals, service providers and small-medium businesses around the globe. Our product portfolio consists of Enterprise SaaS solutions and IoT & Mobile solutions, which together form the backbone of compelling, intelligent, reliable and secure IoT services with deep business intelligence. Inseego powers mission critical applications with a “zero unscheduled downtime” mandate, such as asset tracking, fleet management, industrial IoT, SD WAN failover management and mobile broadband services.
Tavistock Group is an international private investment organization founded by Joe Lewis. With investments in more than 200 companies across 10 countries, Tavistock Group´s investment portfolio includes: life sciences, sports teams and sporting events, manufacturing and distribution, oil, gas and energy, financial services, restaurants, commercial properties, private luxury residential properties, resort properties and master-planned real estate developments. For more information, visit www.tavistock.com.