Sigma Labs (NASDAQ:SGLB), a leading developer of quality assurance software for the commercial 3D printing industry, today announced its entry into a securities purchase agreement with certain institutional investors for the purchase of shares of a new series of its preferred stock, warrants to purchase its common stock and warrants to purchase such preferred stock for total gross cash proceeds of $1.5 million to Sigma Labs. According to the update, SGLB could also receive $6 million of gross proceeds if the warrants to purchase preferred stock are exercised in full for cash, and the Company has the right to force the exercise of up to $500,000 of such warrants, subject to certain equity conditions. “The evidence is mounting that the Additive Manufacturing industry is accelerating towards wider adoption and commercialization in concert with the market’s validation of our technology,” Sigma Labs Executive Chairman Mark Ruport said in the news release. “In order to capitalize on the momentum and generate increasing revenue starting in 2020, we felt that it was imperative for the Company to strengthen its balance sheet and enter into agreements that could provide substantial additional capital going forward. Based on these agreements, we intend to extend our reach and continue to build meaningful, and mutually beneficial, relationships with leading 3D printer manufacturers, enterprise end-users, Research & Development organizations and AM software manufacturers. It’s an exciting time and I look forward to providing a comprehensive update on our progress in our year-end conference call in March.”
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About Sigma Labs
Sigma Labs, Inc. (NASDAQ: SGLB) is a leading provider of quality assurance software to the commercial 3D printing industry under the PrintRite3D(R) brand. Founded in 2010, Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (CAI) solutions known as PrintRite3D(R) for 3D advanced manufacturing technologies. Sigma Labs’ advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling non-destructive quality assurance mid-production, uniquely allowing errors to be corrected in real-time. For more information, please visit www.SigmaLabsInc.com.
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