By Sheri Kasprzak
Atlanta, Feb. 22 - Flow International Corp. said it has raised $64,999,991 in a private placement of units.
The company sold 17,473,116 units at $3.72 each to institutional investors.
The units are comprised of one share and one-tenth share warrant. The whole warrants allow for an additional share at $4.07 each for five years. If the warrants are fully exercised, they will bring in an additional $7 million in proceeds.
The offering is expected to close March 21.
Based in Kent, Wash., Flow develops and manufactures high-pressure water jet technology equipment used for cutting, cleaning and food-safety applications. The proceeds will be used for debt repayment.
| Issuer: | Flow International Corp.
|
| Issue: | Units of one share and one tenth-share warrant
|
| Amount: | $64,999,991
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| Units: | 17,473,116
|
| Price: | $3.72
|
| Warrants: | One-tenth share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.07
|
| Announcement date: | Feb. 22
|
| Settlement date: | March 21
|
| Stock price: | $4.28 at close Feb. 18
|
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