BURLINGTON, Mass., Aug. 05, 2016 (GLOBE NEWSWIRE) -- Bridgeline Digital, Inc. (NASDAQ:BLIN), The Digital Engagement Company™, announced today it has finalized the conversion of $3 million of Subordinated Convertible Notes and $3 million of Term Notes to common stock.
On April 29, 2016, the Stockholders of the Company approved several proposals aimed at retiring Subordinated Convertible Notes and Term Notes that the Company had issued. The Stockholders approved the issuance of 4,000,000 shares of the Company’s common stock upon conversion of outstanding Subordinated Convertible Notes and up to 4,700,000 shares upon conversion of Term Notes.
In May 2016, the holders of the $3 million Term Notes converted their outstanding principal and accrued interest to 4,338,822 shares of common stock. From June 24, 2016 to August 1, 2016, holders of Subordinated Convertible Notes converted outstanding principal for a total of 4,000,000 shares of common stock.
“We are extremely excited to announce that 100 percent of the convertible debt that has been on our balance sheet has converted into common stock at the election of the noteholders,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “Not only does this significantly improve our balance, and reduce the amount of interest we pay on a quarterly basis, but this also sends a strong message that our noteholders elected to become shareholders, and they believe in the future of Bridgeline Digital, and support our transition to a true SaaS business model with higher license revenue and recurring revenue. We look forward to continuing to execute our business plan and increase shareholder value.”
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement Company™, helps customers maximize the performance of their full digital experience – from websites and intranets to online stores and campaigns. Bridgeline’s iAPPS® platform deeply integrates Web Content Management, eCommerce, eMarketing, Social Media management, and Web Analytics to help marketers deliver digital experiences that attract, engage and convert their customers across all channels. Headquartered in Burlington, Mass., Bridgeline has thousands of quality customers that range from small- and medium-sized organizations to Fortune 1000 companies. To learn more, please visit www.bridgeline.com or call (800) 603-9936.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, including, but not limited to, the impact of the weakness in the U.S. and international economies on our business, our inability to manage our future growth effectively or profitably, fluctuations in our revenue and quarterly results, our license renewal rate, the impact of competition and our ability to maintain margins or market share, the limited market for our common stock, the volatility of the market price of our common stock, the ability to maintain our listing on the NASDAQ Capital Market, the effect of the delisting of our common stock from the NASDAQ Capital Market, the ability to raise capital, the performance of our products, our ability to respond to rapidly evolving technology and customer requirements, our ability to protect our proprietary technology, the security of our software, our dependence on our management team and key personnel, our ability to hire and retain future key personnel, or our ability to maintain an effective system of internal controls as well as other risks described in our filings with the Securities and Exchange Commission. Any of such risks could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. We expressly disclaim any obligation to update any forward-looking statement.