RALEIGH, N.C.-Summus Inc., which provides mobile media applications, said it has raised more than $4 million in operating capital through an exercise of warrants.
Summus received just more than $4 million from the exercise, which included 12.4 million warrants to purchase shares of the company’s common stock. The company said the new capital brings it to $5.6 million in cash that it will use to pay off its senior debt and expand its operations.
“These funds will be used to pursue partnerships with additional top-tier brands, to expand our marketing campaigns on new and existing mobile products, and to seek out international opportunities,” said Gary Ban, chief executive officer of Summus.
