The augmented reality (AR) specialist said Gappelberg purchased the shares by exercising 100,000 warrants, putting an additional $70,000 onto its balance sheet. His total investment so far for 2020 is $800,921.
NexTech said the CEO’s investment further bolsters its cash and inventory position, which is already over $3 million.
READ: NexTech AR inks contract to supply augmented reality solutions to US multinational tech company
The company is currently pursuing the use of AR technology across four key verticals — e-commerce, education, entertainment and advertising. It is also seeing a surge in demand for some of its services.
“Due to the fact that 100% of conferences have gone virtual, our newly acquired virtual events software platform InfernoAR is experiencing a major increase in demand from across the globe for its services,” said Gappelberg.
"We just started marketing our InfernoAR platform and in just 30 days we are quoting over 20 events ranging in price from $25,000-$250,000 per event. We expect many of these quotes to turn into new and valuable business relationships to be announced in the coming weeks with some deals being multi-year engagements."
He continued: “Personally, I believe the current stock price still does not yet reflect NexTech’s strong market leadership position and growth potential for our new InfernoAR platform, Aritize360 app, ARitize app, 3D/AR ad network and WebAR business in 2020 and beyond, which is why I continue to invest personal funds in company shares."
NexTech’s shares on Friday closed up 2% to $1.55 each in New York and rose 2% to $2.11 each in Canada.
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