Aspen group, inc. announces closing of $12.4 million private placement

New york, may 16, 2023 (globe newswire) -- aspen group, inc. ("agi") (otc pink: aspu), an education technology holding company, today announced that it has closed on a private placement of debentures with jgb management inc. for gross proceeds of $12.4 million, before an 11% original issue discount, fees and other financing expenses, from the issuance of a senior secured debenture. agi also issued the investors a total of 2.2 million five-year warrants. the company intends to use the proceeds from the private placement to refinance existing debt and for working capital purposes.
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