Shares of Mobiquity Technologies Inc. (NASD: MOBQ) are experiencing a surge on the charts today, with a notable 12.50% increase in premarket trading, bringing the current trading price to $0.36. The surge is attributed to the successful completion of an equity move by the company, which is known for its cutting-edge data and advertising technologies.
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Which move has MOBQ concluded?
Mobiquity Technologies (MOBQ) has concluded its previously announced underwritten public offering of shares of common stock and pre-funded warrants, along with Series 2023 Warrants, raising approximately $3.75 million in gross proceeds. This amount is prior to underwriting discounts, commissions, offering expenses, and any exercise of the underwriter’s over-allotment option. The funds raised through this offering will enable MOBQ to expand its product offerings and enhance its Artificial Intelligence (AI) technology.
On February 15, 2023, Mobiquity Technologies filed a comprehensive prospectus with the Securities and Exchange Commission detailing the terms and number of securities sold in the offering. This filing marks a significant milestone in the company’s fundraising efforts.
The offering was conducted with the assistance of Spartan Capital Securities, LLC, who acted as the sole bookrunner. To represent Mobiquity Technologies in this offering, Ruskin Moscou Faltischek P.C. was chosen. The law firm is well-known for its experience in corporate finance and has a reputation for providing exceptional legal guidance to companies. On the other hand, Manatt, Phelps & Phillips, LLP represented Spartan Capital Securities, LLC, bringing their extensive knowledge of securities law and regulations to the table.
MOBQ also executed a financing move
Last month, Mobiquity Technologies secured financing through Spartan Capital Securities, LLC to support the launch of its innovative SaaS platform for the AdTech Publisher ecosystem. This move was driven by the recent changes to privacy laws, such as GDPR and CCPA, as well as the removal of Identifiers by Apple and Google, which have resulted in increased costs and decreased revenue for publishers.
MOBQ’s platform aims to address these challenges by empowering publishers to own and manage their first-party data, which will enable them to offer more targeted audience solutions to advertisers. According to Mobiquity Technologies (MOBQ), this shift towards in-house management of audience data is necessary for publishers to thrive in the current market.