Company Developing an AI Powered Online Platform for Colleges and Universities
ANN ARBOR, Mich., June 14, 2018 (GLOBE NEWSWIRE) -- Amesite, Inc. (the “Company”), a development stage artificial intelligence software company targeting the college course market, announced today the closing of a $5.5 million private placement financing, including approximately $1 million from insiders, and the completion of a go-public transaction through a reverse merger with Lola One Acquisition Corporation (“Lola One”). Following the reverse merger transaction, the Company changed its name from Lola One to Amesite, Inc.
Net proceeds from the transaction will be used to accelerate product development and other general corporate purposes, including working capital and capital expenditures.Following the completion of the reverse merger transaction, the Company’s board of directors is comprised of five members: Ann Marie Sastry, Ph.D., J. Michael Losh, Edward H. Frank, Ph.D., Richard Ogawa and Anthony M. Barkett.
Commenting on the announcement, the Company’s CEO, Dr. Ann Marie Sastry, stated, “With this financing, we will be able to accelerate the development and commercialization of our online learning solutions for colleges, universities, faculty and students. Utilizing machine learning and artificial intelligence technologies, we plan to offer and deliver cost effective cloud-based digital versions of lower level courses that will greatly enhance and improve the learning experience of students."
Laidlaw & Company (UK) Ltd. acted as the exclusive placement agent for the offering. Laidlaw’s Head of Capital Markets, Jim Ahern, commented, “Laidlaw is delighted to have acted as the exclusive placement agent on this financing for Amesite. It has been a true pleasure working with Dr. Sastry throughout this process, we look forward to future milestones and inflection points.” The financing also included an investment from Montrose Capital Partners.
The offering was exempt from registration under Section 4(a)(2) of the United States Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated by the U.S. Securities and Exchange Commission (“SEC”) thereunder. The Common Stock in the offering was sold to “accredited investors,” as defined in Regulation D.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.