Bridgeline Digital Inc. (NASDAQ: BLIN) stock gained by 36.34% at last close whereas the BLIN stock price plunged by 6.13% in the after-hours trading session. Bridgeline’s marketing platform and a suite of applications help businesses increase online income by improving traffic, conversion rates, and average order values.
On July 2, 2021 it has been recorded that so far Bridgeline Digital has collected approximately $2.5 million in cash as a consequence of warrant exercises. The warrants, which have a strike price of $4.00, were issued in 2019.
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These monies are in addition to Bridgeline’s fully funded operating plan, increasing the company’s cash position to around $6 million. This new funding will be used to accelerate Bridgeline’s growth and implement its eCommerce 360 strategy, which aims to improve traffic, conversions, and average order value for its 2,500 clients.
In 2021, Bridgeline bought two companies: WooRank and HawkSearch. WooRank increases website traffic by assisting with search engine optimization. HawkSearch helps eCommerce companies increase online income by increasing conversion and improving the search experience for visitors.
Ari Kahn, President and CEO of Bridgeline Digital stated,
This warrant exercise reflects their investors’ faith in BLIN’s recent acquisitions and their eCommerce 360 strategy, which will help Bridgeline achieve quicker growth and profitability. They appreciate their investors’ continued support.
This quarter, Bridgeline Digital’s partner network earned more than 20 site search licenses for Celebros and HawkSearch, its most recent purchase.
Bridgeline’s combination of Celebros and HawkSearch positions it as a market leader in site search, with features including customization, recommendations, and machine learning algorithms that leverage user behavior and trends to deliver factual and highly strung search results.
Ari Kahn, CEO of Bridgeline stated,
Bridgeline’s major aim for 2021 is to expand their partner network. They’ve made significant progress by obtaining license sales to big institutions and governments that Bridgeline could not have obtained on its own, primarily due to their recent acquisition of HawkSearch and its enormous partner network.