New Issue: MRU Holdings wraps $24.4 million private placement of stock

By LLuvia Mares

New York, Nov. 6 - MRU Holdings completed a $24.4 million private placement of stock.

The company sold a total of 5.18 million shares; 850,000 of those shares were priced at $4.98 each, the company's closing price on Nov. 2 and 4,330,000 shares for $4.65 per share, to a group of institutional investors. No warrants were issued in the transaction.

Bear, Stearns & Co. and Piper Jaffray & Co. were the placement agents.

Proceeds will be used for new product development, marketing and for company expansion.

New York City-based MRU is a specialty finance company that provides federal and private student loans.

Issuer: MRU Holdings

Issue: Stock

Amount: $24.4 million

Shares: 5.18 million

Price: $4.98 and $4.65

Warrants: No

Placement agents: Bear, Stearns & Co. and Piper Jaffray & Co.

Pricing date: Nov. 2

Announcement date: Nov. 6

Stock symbol: Nasdaq: UNCL

Stock price: $5.22 at close on Nov. 5

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