Eliminates Debt of $5.6 Million

Oblong, Inc. (NYSE American: OBLG) (“Oblong” or the “Company”), the award-winning maker of multi-stream collaboration solutions, today announced that it has entered into a definitive agreement with certain institutional and accredited investors to raise aggregate gross proceeds of approximately $3.0 million through a private placement of its common stock.

Oblong issued an aggregate of 1,043,000 shares of the Company’s common stock in the private placement at a gross price of $2.85 per share. Additionally, investors were issued warrants to purchase 521,500 shares of the Company’s common stock. The warrants have an exercise price of $4.08 per share and have a term of 30 months. The warrants are exercisable beginning six (6) months following the closing. Subject to the registration of the common shares underlying the warrants, the warrants may be exercised only for cash, and upon exercise would generate up to an additional $2.1 million in gross proceeds to the Company.

Additionally, immediately following the closing of the private placement, pursuant to an executed agreement between the Company and Silicon Valley Bank (“SVB”), the Company made a one-time payment of $2.5 million to SVB in full satisfaction of the Company’s outstanding obligations of approximately $5.6 million under its Second Amended & Restated Loan Agreement with SVB.

“We are thrilled to have implemented a comprehensive balance sheet solution that has substantially eliminated Oblong’s debt and annual interest expense,” said Peter Holst, President and Chief Executive Officer of Oblong. “This is a great outcome for the Company, our employees, and all of the customers and partners we serve each day. As a financially stronger company backed by a growing list of institutional shareholders, we are now better positioned to execute on our long-term strategy, and see clear signs of growing demand for both our in-room and, soon to be released, cloud collaboration services.”

The Special Equities Group, a division of Bradley Woods & Co. Ltd., acted as exclusive placement agent for the transaction.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. Oblong has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock, including the shares of common stock issuable upon exercise of the warrants, sold in the private placement.

About Oblong, Inc.

Oblong’s innovative and patented technologies change the way people work, create, and communicate. Oblong's flagship product Mezzanine™ is a remote meeting technology platform that offers simultaneous content sharing to achieve situational awareness for both in-room and remote collaborators. Oblong supplies Mezzanine systems to Fortune 500 enterprise customers and is a Cisco Solutions Plus integration partner. Learn more at www.oblong.com

Forward-Looking Statements

This press release and any oral statements made regarding the subject of this release contain forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that Oblong assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Oblong’s actual results may differ materially from its expectations, estimates and projections, and consequently you should not rely on these forward-looking statements as predictions of future events. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company’s Annual Report on Form 10-K for the year ending December 31, 2019 and in other filings made by the Company with the Securities and Exchange Commission from time to time, including the Company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2020. Any of these factors could cause Oblong’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, correct, update or revise any information contained herein.

Investor Relations Contact: Brett Maas Hayden IR, LLC brett@haydenir.com 646-536-7331

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