Sonic Foundry, Inc., the trusted leader for video creation, management solutions as well as virtual and hybrid events, announced that it has sold 945,946 shares of common stock at market pricing (net proceeds of $3,425,000 after expenses). Several investors participated in the sale including Sonic Foundry’s chairman and largest shareholder, Mark Burish, who purchased $1.25 million worth of shares, as well as new investor Roumell Opportunistic Value Fund, run by James Roumell, a highly acclaimed Chevy Chase, MD money manager. The Roumell Opportunistic Value Fund is ranked in the 1st percentile by Thompson Reuters Lipper.
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“The proceeds from this sale allow us to continue to execute the strategy I outlined in our most recent shareholder meeting with an emphasis on driving greater awareness of the momentum we are creating,” said Joe Mozden, Jr., CEO, Sonic Foundry. “I greatly appreciate the continued support and confidence from our existing investors and I’m excited to welcome new investor partners who have aligned with us to help us achieve our video content-first growth objectives going forward.”
A portion of the proceeds will allow Sonic Foundry to meet the listing requirements of the NASDAQ capital markets, reversing a decision made earlier by the company to voluntarily delist from NASDAQ.
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