By LLuvia Mares
New York, Sept. 27 - Focus Enhancements, Inc. announced Thursday it completed a $5.4 million equity financing of shares and warrants.
The company sold 3.9 million shares of stock at $0.88 per share and warrants to purchase an additional 965,910 shares at an exercise price of $1.05 per share in the second tranche, which closed Wednesday raising $3.4 million. The warrants expire in five years and can be exercised immediately.
In first tranche, which closed on Sept. 17, the company issued 2.3 million shares of stock and warrants to purchase an additional 568,182 shares of common stock at the same price as in the second tranche.
First Montauk Securities Corp. acted as placement agent in the transaction.
The company intends to use the net proceeds from this financing for working capital and general corporate purposes.
Campbell, Calif.-based Focus Enhancements specializes in video production and conversion technology.
Issuer: Focus Enhancements, Inc.
| Issue: | Stock and warrants
|
| Amount: | $3.4 million
|
| Shares: | 3.9 million
|
| Price: | $0.88
|
| Warrants: | For 965,910
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.05
|
| Placing agent: | First Montauk Securities Corp.
|
| Settlement date: | Sept. 26
|
| Stock symbol: | Nasdaq: FCSE
|
| Stock price: | $0.89 at close Sept. 26
|
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