By Sheri Kasprzak
New York, Sept. 27 - MathStar, Inc. is gearing up to settle a $12.6 million private placement.
The company intends to sell about 3.1 million shares in the deal.
The exact number of shares and price per share could not be determined by press time Wednesday.
The investors will receive warrants for 1.3 million shares, exercisable at $6.00 each for five years.
Piper Jaffray & Co. is the placement agent for the offering, which is scheduled to close in the coming days.
Proceeds will be used for the commercialization of the company's Arrix family of Field Programmable Object Arrays products.
Based in Hillsboro, Ore., MathStar develops programmable logic chips called Field Programmable Object Arrays.
| Issuer: | MathStar, Inc.
|
| Issue: | Stock
|
| Amount: | $12.6 million
|
| Shares: | 3.1 million
|
| Warrants: | For 1.3 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $6.00
|
| Placement agent: | Piper Jaffray & Co.
|
| Announcement date: | Sept. 27
|
| Stock symbol: | Nasdaq: MATH
|
| Stock price: | $4.50 at close Sept. 27
|
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