Oblong Gets $12.4M In PIPE

Los Angeles-based Oblong, which develops futuristic collaboration systems, said on Monday that it has raised $12.4M in a registered direct offering, from both pre-existing and new institutional investors. The publicly traded company--which trades on the Nasdaq as OBLG--said it sold 4,000,000 sahres of its common stock at a purchase price of $3.10 per share. Oblong said it intends to use the net proceeds for general corporate purposes. The company's placement agent for the offering was The Special Equities Group, a division of Dawson James Securities, Inc.