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Market Information
−Removed: Our common stock commenced trading on the Nasdaq Capital Market, or Nasdaq, under the symbol “BOXL” on November 30, 2017.
+Added: Our Class A common stock commenced trading on the Nasdaq under the symbol “BOXL” on November 30, 2017.
Prior to that time, our common stock was not traded on any exchange or quoted on any over the counter market.
−Removed: As of March 13, 2023, we had 378 holders of record of our common stock and 74,774,556 shares of common stock issued and outstanding.
+Added: As of March 8, 2024, we had 378 holders of record of our class A common stock and 9,728,465 shares of Class A common stock issued and outstanding.
We have never paid cash dividends on our Class A common stock.
−Removed: Holders of our Class A common stock are entitled to receive dividends, if any, declared and paid from time to time by the board of directors out of funds legally available.
−Removed: At present, we intend to retain any earnings for the operation and expansion of our business and do not anticipate paying cash dividends on our common stock in the foreseeable future.
+Added: Holders of our Class A common stock are entitled to receive dividends, if any, declared and paid from time to time by the Board out of funds legally available.
+Added: At present, we intend to retain any earnings for the operation and expansion of our business and do not anticipate paying cash dividends on our Class A common stock in the foreseeable future.
Any future determination as to the payment of cash dividends will depend upon future earnings, results of operations, capital requirements, our financial condition and other factors that our board of directors may consider.
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The 2021 Plan allows for issuance of shares of our Class A common stock, whether through restricted stock, restricted stock units, options, stock appreciation rights or otherwise, to the Company’s officers, directors, employees and consultants.
−Removed: As of December 31, 2022, a total of approximately 2.3 million shares remained available for issuance under the 2021 Plan.
+Added: As of December 31, 2023, a total of approximately 650 shares remained available for issuance under the 2021 Plan.
The following table provides information as of December 31, 2023 about our equity compensation plans and arrangements.
+Added: Plan category Number of
securities to be
+Added: rights Weighted-
exercise price of
+Added: rights Number of
available for
future issuance
−Removed: Plan category
compensation plans
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Equity compensation plans not approved by security holders (2) 1,386,002 $ 6.57 -
+Added: Total 2,141,747 $ 6.34 650
+Added: __________________________________________
(1) Includes 340,675 equity incentive grants issued to Sahara employees in conjunction with our acquisition of Sahara Presentation Systems.
+Added: (2) Includes warrants issued to Dynamic Capital, Whitehawk, Ryan Legudi and a third-party investor.
Recent Sales of Unregistered Securities
−Removed: During the year ended December 31, 2022, we sold 943,442 shares of Class A common stock to cover tax withholdings for restricted stock vesting.
−Removed: On December 31, 2021, in connection with the WhiteHawk Credit Agreement, we issued to WhiteHawk (i) 528,169 shares of Class A common stock, which shares were registered pursuant to our existing shelf registration statement, and (ii) a warrant to purchase 2,043,291 shares of Class A common stock (subject to increase to the extent of 3% of any Series B and Series C convertible preferred stock converted into Class A common stock), originally exercisable at $2.00 per share (the “Warrant”).
−Removed: Based on the arithmetic volume weighted average prices of the Company’s Class A common stock for the 30 trading days prior to March 31, 2022, the exercise price of the Warrant was reduced to $1.19 per share and the shares increased to 3,434,103.
−Removed: On July 22, 2022, the Company entered into a Securities Purchase Agreement with an accredited institutional investor.
−Removed: According to the terms of the WhiteHawk agreement, this purchase agreement triggered a reduction of the exercise price of the warrants and a revaluation of the derivative liability.
−Removed: The warrants were repriced to $1.10 and shares increased to 3,715,075.
−Removed: As partial consideration for our purchase of Sahara Holdings Ltd.
−Removed: (“Sahara”), on September 25, 2020, the Company issued 1,586,620 shares of Series B convertible redeemable preferred stock (the “Series B Preferred Stock”) and 1,320,850 shares of Series C convertible redeemable preferred stock (the “Series C Preferred Stock”).
−Removed: The fair value of the preferred shares issued was $16.5 million and $12.4 million for the Series B Preferred Stock and Series C Preferred Stock, respectively.
−Removed: Such shares were issued pursuant to an exemption from registration pursuant to Rule 506(b) of Regulation D of the Securities Act of 1933.
−Removed: See further discussion of the features of the preferred shares in Note 12.
−Removed: On March 24, 2021, we entered into a share redemption and conversion agreement with the former Sahara shareholders who own approximately 96% of our Series B and Series C preferred stock.
−Removed: Under the agreement, we agreed to redeem and purchase from
−Removed: such preferred stockholders on or before June 30, 2021 all of the shares of Series B preferred stock for £11.5 million being the stated or liquidation value of the Series B preferred stock plus (b) accrued dividends from January 1, 2021 to the date of purchase.
−Removed: In addition, the holders of 96% of the Series C preferred stock agreed to convert those shares into 7.6 million shares of our Class A Common Stock at a conversion price of $1.66 per share.
−Removed: Former Sahara shareholders agreed to extend the share redemption and conversion agreement until December 31, 2021.
−Removed: We did not complete the conversion and redemption by December 31, 2021, and the agreement terminated without liability by any party.
−Removed: On January 26, 2021, we entered into an agreement with Everest Display Inc., a Taiwan corporation (“EDI”), and EDI’s subsidiary, AMAGIC Holographics Inc., a California corporation (“AMAGIC”), pursuant to which $1,983,436 in accounts payable owed by us to EDI was settled in exchange for our issuance of 793,375 shares (the “2021 Shares”) of its Class A common stock to AMAGIC at a $2.50 per share purchase price.
−Removed: The 2021 Shares were issued to AMAGIC pursuant to an exemption from registration provided by Rule 506 of Regulation D under Section 4(a)(2) of the Securities Act.
Use of Proceeds
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.