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Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale (POS), e-commerce, and mobile devices, today announced that it has completed a $7.55 million private placement of restricted common stock and warrants with a New York-based family office that has made several investments in companies with blockchain technology platforms.
The investor purchased shares of the Company’s restricted common stock, and five-year warrants at a price of $11.245 per unit, each unit consisting of one share of common stock and 60% of a warrant at an exercise price of the stock’s consolidated closing bid price of $11.12 on December 29, 2017. The new investment will fuel the continued development of the Company's blockchain-focused unit, support growth initiatives and allow for potential acquisitions. Net Element’s blockchain-focused business will be a decentralized crypto-based ecosystem that will act as a framework for value-added services ("VAS") that can connect merchants and consumers directly utilizing blockchain technology while increasing the speed and efficiency of transactions made through the Company's processing, settlement and services ecosystem.
“We are delighted to receive a significant investment that will help ensure full scalability of our platform and accommodate the Company’s anticipated future growth as well as the development of our value-added services blockchain platform,” commented Oleg Firer, CEO of Net Element. “The Company's balance sheet is now the strongest in its history, allowing Net Element to support future growth opportunities.”