Mobiquity Gears up for Growth and Listing

US programmatic ad tech and footfall insights provider Mobiquity Technologies has announced a successful recapitalization, cleared the way for a Nasdaq application, and extended the contracts of two key execs from recently acquired Advangelists, who it says will play a key role in its future.

Mobiquity provides programmatic ad technologies and mobile data insights on consumer behaviour via Advangelists. In June, the firm launched a measurement tool called AdTribute, to help marketers identify in-store, bricks-and-mortar footfall as a result of exposure to digital advertising, including the time elapsed between seeing the ad and visiting the store.

This month, Mobiquity agreed to retire its outstanding $6.5m note due to Advangelists, which related to the acquisition last December 2018, which it says has been 'the primary catalyst for its transformative revenue growth throughout 2019' and will continue to drive growth. The note was retired in exchange for $1.5m in cash plus Mobiquity shares.

The firm 'amended and extended' a multi-year employment agreements with Advangelists CEO and co-founder Deep Katyal, and co-founder and CTO Lokesh Mehta.

Mobiquity has also issued shares and made changes to its legal and financial arrangement with two other groups, including its largest shareholder, and says it believes the new arrangements will enhance its working capital and support organic growth, CEO Dean Julia (pictured) comments: 'In a single day, we cleared our single largest liability; significantly improved our liquidity; and secured our most valuable asset and growth engine by completing our obligations related to the acquisition of Advangelists'. Explaining the other transactions, Julia adds: 'We also resolved a complicated financial relationship with two of our legacy institutional shareholders. The prior intercompany ownership nature of the relationship was identified as a potential complication to my desire to file a listing application with Nasdaq and the agreement substantially clears our path towards Nasdaq'. Thanking the largest shareholder for his 'tremendous faith in our team and outlook for growth in the near term', Julia says the company 'intends to immediately begin preparation of its Nasdaq application'.

Web sites: www.mobiquitytechnologies.com and www.advangelists.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.