Benzinga | Jul 2, 2021 09:25AM EDT

Bridgeline Receives More Than $2.5M In Warrant Exercises

Bridgeline Digital, Inc. (NASDAQ:BLIN), provider of cloud-based marketing technology software, announced today that it has received over $2.5M in cash as a result of warrant exercises so far this week. The warrants were issued in 2019 with a strike price of $4.00.



These funds are above and beyond Bridgeline's fully capitalized operating plan, bringing its cash balance to approximately $6M. This additional capital will be used to accelerate growth and execute Bridgeline's eCommerce 360 strategy to drive traffic, increase conversions and grow average order value for its 2,500 customers.

"This warrant exercise demonstrates our investor's confidence in our recent acquisitions and that our eCommerce 360 strategy will drive faster growth and profitability for Bridgeline," said Ari Kahn, President and CEO of Bridgeline Digital. "We thank our investors for their ongoing support."

Bridgeline has acquired two companies in 2021, WooRank and HawkSearch. WooRank drives traffic to web sites by helping improve search engine optimization. HawkSearch grows online revenues for eCommerce websites by increasing conversion and optimizing the search experience for visitors.