LANGHORNE, PA — TEN Holdings Inc. (Nasdaq: XHLD) plans to use proceeds from its recently completed $7.5 million financing to expand its software platform, invest in artificial intelligence capabilities and pursue acquisitions as the event technology company seeks to accelerate growth and strengthen recurring revenue.
The company said the capital will be directed toward four priorities: increasing working capital, expanding product development, building AI-driven capabilities and evaluating acquisitions that broaden its technology offerings, customer base and recurring revenue.
The spending plan outlines how TEN intends to deploy new capital following the offering, with an emphasis on scaling its technology platform while maintaining financial flexibility.
Chairman, Chief Executive Officer and Chief Financial Officer Virgilio Torres indicated the funding marks a shift from restructuring the business to executing its longer-term growth strategy.
“This financing represents an important milestone for TEN Holdings and provides us with the capital to begin executing on the strategy we have been building over the past several months,” Torres stated. “With this capital in place, we can now shift from managing through a transition period to a new phase of pursuing and attaining the key strategic priorities that will enable us to grow the Company and achieve significant improvements to our top and bottom lines.”
TEN said planned product investments include enhancements to platform functionality, automation, analytics, workflow tools and user experience designed to improve scalability and customer engagement.
The company also intends to develop AI-powered features focused on content creation, audience insights, personalization and operational automation.
In addition, TEN plans to evaluate acquisition opportunities that expand its technology capabilities, increase recurring revenue and strengthen its market position.
Torres added that the company intends to maintain disciplined capital allocation as it executes its growth strategy while pursuing long-term shareholder value.
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