By Devika Patel
Knoxville, Tenn., July 20 - Design Within Reach, Inc raised $15 million in a private placement of 9% series A convertible preferred stock and common stock on July 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 15.4 million common shares at $0.15 apiece and 1 million preferreds at $12.69 per preferred to Glenhill Special Opportunities Master Fund LLC.
The preferreds will convert into a number of common shares such that the investor will hold equal 91.33% of the company's outstanding stock.
The private company is based in San Francisco.
| Issuer: | Design Within Reach, Inc.
|
| Issue: | Series A convertible preferred stock, common stock
|
| Amount: | $15 million
|
| Warrants: | No
|
| Investor: | Glenhill Special Opportunities Master Fund LLC
|
| Settlement date: | July 20
|
|
|
| Preferreds
|
| Amount: | $12.69 million
|
| Shares: | 1 million
|
| Price: | $12.69
|
| Dividends: | 9%
|
|
|
| Common stock
|
| Amount: | $2.31 million
|
| Shares: | 15.4 million
|
| Price: | $0.15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
