By Sheri Kasprzak
New York, July 11 - MTM Technologies, Inc. said it has raised an additional $4 million from its previously announced preferred stock offering.
The company sold 1,230,769 shares of series A-4 preferred stock at $3.25 each to Pequot Ventures and Constellation Ventures.
The preferreds are convertible into common shares at $3.25 each.
The two investors also received warrants for 246,152 shares, exercisable at $4.06 each.
On Friday, the company announced that it had raised $5.05 million from the preferred stock offering from both Pequot and Constellation.
Based in Stamford, Conn., MTM provides internet technology networking and communications technology, including voice-over-internet protocol.
| Issuer: | MTM Technologies, Inc.
|
| Issue: | Series A-4 preferred stock
|
| Amount: | $4 million
|
| Shares: | 1,230,769
|
| Price: | $3.25
|
| Conversion price: | $3.25
|
| Warrants: | For 246,152
|
| Warrant strike price: | $4.06
|
| Investors: | Pequot Ventures and Constellation Ventures
|
| Settlement date: | July 8
|
| Stock price: | $3.45 at close July 8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
