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Asset/Investment Management

Investments

10

Portfolio Exits

4

About JGB Management

JGB Management is a New York based asset management firm.

Headquarters Location

660 Madison Avenue 21st Floor

New York, New York, 10021,

United States

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Latest JGB Management News

Aspen Group, Inc. Announces Closing of $12.4 Million Private Placement

May 16, 2023

Denver, Colorado, UNITED STATES 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. Michael Mathews, Chairman and CEO of Aspen Group, stated, "We are thrilled to announce the successful closure of this financing with the JGB team, which has significantly improved Aspen Group's financial position. This will enable us to effectively manage changes in the timing of financial aid-related cash flow and pay off our outstanding $5 million line of credit. As we continue to work towards achieving our goals, marketing is a key catalyst to increasing enrollment in our highly sought-after Aspen University post-licensure nursing degree programs and USU’s MSN-FNP (Family Nurse Practitioner) degree program, among others. With the implementation of cost reductions which improves our cash flow from operations, we now have the opportunity to increase our marketing budget and position the company to continue maintaining a positive Adjusted EBITDA." The 36-month debentures, issued on May 11, 2023, bear interest at 15% per annum, are paid monthly, and are not convertible. The AGI’s obligations under the debentures are secured by substantially all of AGI’s and its subsidiaries’ assets. The debentures also contain customary affirmative and negative covenants, events of defaults and other customary terms for senior secured debentures. Each warrant entitles the holder to purchase one share of the company’s common stock at an exercise price of US $0.01 per share for five-years following the closing date of the offering. The company has filed its Quarterly Report on Form 10-Q for the three months ended January 31, 2023, with the Securities and Exchange Commission today, May 16, 2023. for further details on the terms and covenants related to this financing agreement, please refer to the footnote section in the 10-Q. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the plan to increase marketing and continue to achieve positive Adjusted EBITDA. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include our ability to enroll new students and generate revenue from our new marketing program, the impact of a declining economy, inflation, higher interest rates, the banking crisis, the continued attraction of online learning as COVID-19 has receded, student attrition, the competitive impact from the trend of non-profit universities using online education and consolidation among our competitors. Other risks are included in our filings with the SEC including our Form 10-K for the year ended April 30, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. About Aspen Group, Inc. Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit www.aspu.com . Contact Information:

JGB Management Investments

10 Investments

JGB Management has made 10 investments. Their latest investment was in Cascadian Therapeutics as part of their PIPE on February 2, 2011.

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JGB Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/11/2011

PIPE

Cascadian Therapeutics

$0.15M

Yes

3/16/2007

PIPE

Cleveland BioLabs

$30.02M

No

9/18/2006

PIPE - II

Advanced Cell Technology

$8.75M

No

9/5/2006

PIPE

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$99M

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0

1/19/2006

Unattributed VC - II

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$99M

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0

Date

2/11/2011

3/16/2007

9/18/2006

9/5/2006

1/19/2006

Round

PIPE

PIPE

PIPE - II

PIPE

Unattributed VC - II

Company

Cascadian Therapeutics

Cleveland BioLabs

Advanced Cell Technology

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Amount

$0.15M

$30.02M

$8.75M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

0

0

JGB Management Portfolio Exits

4 Portfolio Exits

JGB Management has 4 portfolio exits. Their latest portfolio exit was Cascadian Therapeutics on March 09, 2018.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/9/2018

Acq - P2P

$99M

4

1/18/2008

Acquired

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$99M

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0

2/17/2006

IPO

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$99M

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10

6/6/2005

IPO

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$99M

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0

Date

3/9/2018

1/18/2008

2/17/2006

6/6/2005

Exit

Acq - P2P

Acquired

IPO

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

4

0

10

0

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