Some proceeds to cut sums due to former Vexigo shareholders for buyout
By Susanna Moon
Chicago, May 19 – Mer Telemanagement Solutions Ltd. said it sold $700,000 of stock in a private placement. The amount issued constitutes about 7.5% of the company’s outstanding shares.
The company sold 648,475 common shares at a price of $1.08 each, which was equal to the closing price of the company’s stock on May 17, according to company announcement.
Proceeds will be used for working capital and also used to reduce the amounts due to the former shareholders of Vexigo Ltd. in connection with the acquisition by the company in April 2015.
The private placement was approved by shareholders at a meeting held Monday.
Based in Ra'Anana, Israel, Mer Telemanagement provides operations support systems for telecommunications companies, including customer service and billing support.
| Issuer: | Mer Telemanagement Solutions Ltd.
|
| Issue: | Common shares
|
| Amount: | $700,000
|
| Shares: | 648,475
|
| Price: | $1.08
|
| Warrants: | No
|
| Settlement date: | May 18
|
| Stock symbol: | Nasdaq: MTSL
|
| Stock price: | $1.08 at close May 17
|
| Market capitalization: | $8.53 million
|
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