By Sheri Kasprzak
Atlanta, March 14 - Glowpoint Inc. said it has closed a direct placement of stock for $10 million.
The company sold 6,666,667 shares at $1.50 each to new and existing institutional investors.
The investors also received warrants for 2,666,667 shares at $2.40 each.
The shares were sold under Glowpoint's shelf registration.
Based in Hillside, N.J., Glowpoint is an internet protocol-based video communications service provider. The proceeds will be used for working capital.
| Issuer: | Glowpoint Inc.
|
| Issue: | Stock
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| Amount: | $10 million
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| Shares: | 6,666,667
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| Price: | $1.50
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| Warrants: | For 2,666,667 shares
|
| Warrant strike price: | $2.40
|
| Settlement date: | March 14
|
| Stock price: | $1.77 at close March 11
|
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