HENDERSON, Nev., April 16, 2019 /PRNewswire/ -- Grow Capital, Inc (GRWC) announced a successful capital raise for use by the company in execution of its current business plan. The Company's plan is focused on moving the Company away from cannabis related activities and into an acquisition strategy focused on financial technology, or "fintech" and complementary companies.
"Yes, GRWC was once associated with the blooming marijuana industry," said CEO Jonathan Bonnette. "In stark contrast to the hundreds rushing to that un-federally regulated sector, we are moving to a model that plays to our strength and vision in the FinTech sector that has an anticipated growth rate of more than 18.40% over the forecast period 2018-2025."
The funds were raised by issuing and selling 9,523,812 shares of the company's common stock to eight individual accredited investors.
"Our business model has really come into focus," said board president Wayne Zallen. "Identify companies that complement our vision, with strong leadership and a clear niche, acquire them, mentor them, and watch them grow. The capital we raised will be directed to that mission."
The per share purchase price was set by the Company's Board on March 27, 2019 based on the closing price of the Company's Common Stock at the time of approval of the issuance, with any purchaser that purchased at least $100,000 in shares receiving a one cent per share discount.
At the closing, the Company received aggregate gross proceeds of $600,000.
An SEC Form 8-K was filed on this topic.
Bonnette and the board are committed to keeping shareholders informed. Please check our website often for updated information.
Forward Looking Statements Disclaimer: This release may contain statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Grow Capital Investments ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Such forward -looking statements include the words "promising" "plan", "grow" "increase" and other expressions of a forward-looking nature. More information about the potential factors that could affect the business and financial results is and will be included in Grow Capital Investments filings with the OTC Markets, Securities and Exchange Commission and/or posted on the company's website. included in Grow Capital Investments filings with the OTC Markets, Securities and Exchange Commission and/or the company's website.