By Sheri Kasprzak
New York, Feb. 6 - VitalStream Holdings, Inc. said it has concluded a private placement for $14 million.
The company sold 10,769,230 shares at $1.30 each to a group of investors, including two new investors, Winslow Management Co. and Crosslink Capital, and existing investors like Columbia Acorn Fund.
Following the non-brokered placement, the company has 83,854,939 outstanding shares.
Separately, VitalStream said its board of directors has approved a reverse stock split within a range of 1-for-2 to 1-for-5.5 before Dec. 31.
The reverse stock split will allow the company to qualify for listing on the Nasdaq Capital Market.
The company is gearing up for a fourth-quarter earnings conference call on Feb. 13.
Based in Irvine, Calif., VitalStream provides video and audio streaming products via the internet.
| Issuer: | VitalStream Holdings, Inc.
|
| Issue: | Stock
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| Amount: | $14 million
|
| Shares: | 10,769,230
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| Price: | $1.30
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| Warrants: | No
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| Investors: | Winslow Management Co., Crosslink Capital, Columbia Acorn Fund, others
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| Placement agent: | Non-brokered
|
| Settlement date: | Feb. 3
|
| Stock symbol: | OTCBB: VSTH
|
| Stock price: | $1.57 at close Feb. 3
|
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