By Devika Patel
Knoxville, Tenn., Aug. 27 - Focus Enhancements, Inc. decreased a registered direct offering of shares to $3.38 million from $3.75 million, according to a preliminary prospectus supplement filed Wednesday with the Securities and Exchange Commission.
The deal priced Aug. 6.
The company now plans to sell 13 million common shares at $0.26 per share, lowered from its original intent to sell 14,423,077 common shares at that price.
Investors also will receive six-month warrants for 4.55 million shares, lowered from 5,010,058 shares, exercisable at $0.25.
First Montauk Securities Corp. and Crestline Consultancy, Ltd. are the agents.
Proceeds will be used for general corporate purposes, which may include working capital, capital expenditures, research and development expenditures, sales and marketing expenditures and acquisitions of new businesses, technologies or products.
Focus Enhancements, based in Campbell, Calif., specializes in video production and conversion technology.
| Issuer: | Focus Enhancements, Inc.
|
| Issue: | Common stock
|
| Amount: | $3.38 million
|
| Shares: | 13 million
|
| Price: | $0.26
|
| Warrants: | For 4.55 million shares
|
| Warrant expiration: | Six months
|
| Warrant strike price: | $0.25
|
| Agent: | First Montauk Securities Corp. and Crestline Consultancy, Ltd.
|
| Pricing date: | Aug. 6
|
| Decreased: | Aug. 27
|
| Stock symbol: | Nasdaq: FCSE
|
| Stock price: | $0.22 at close Aug. 5
|
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