Oblong to sell 1.989M shares at $3.77 in private placement

Oblong (OBLG) announced it has entered into a securities purchase agreement to raise approximately $7.5M through the sale of 1,989,392 shares of common stock at $3.77 per share in a private placement priced at-the-market under Nasdaq rules. The offering, led by institutional investors focused on emerging technology, is expected to close on or about June 11, subject to customary closing conditions. Oblong is strategically allocating capital to enter the AI-driven digital asset space through the accumulation of $TAO, the native token of Bittensor-a decentralized intelligence protocol. The company’s transition will be supported by software development initiatives that actively enhance this emerging ecosystem. Oblong is embracing the next evolution of the internet: permissionless intelligence.