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FIIC plans $2.5 million private placement as part of merger
By Sheri Kasprzak
New York, March 6 - FIIC Holdings, Inc. launched a $2.5 million private placement alongside the closing of its merger with Nickelsby Acquisition Corp.
The terms of the private placement have not yet been determined.
Proceeds from the deal will be used to repay outstanding short-term debt and provide working capital.
Under the terms of the acquisition, FIIC issued shares on a one-for-one basis to shareholders of Nickelbys Acquisition.
Based in Columbus, Ohio, FIIC Holdings is an insurance holding company.
The company's stock remained unchanged at $0.90 Monday (OTCBB: FIIH).
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