By Sheri Kasprzak
New York, Sept. 20 - Netsmart Technologies, Inc. said it received definitive agreements for a $5,699,592 million private placement.
The company sold 653,623 units at $8.72 each to institutional investors.
The units include one share and one quarter-share warrant. The full details of the warrants could not be determined by press time Tuesday.
Griffin Securities, Inc. was the placement agent on the offering, which is expected to close before Nov. 3.
Also, Netsmart said it is in the process of acquiring CMHC Systems, Inc. for $13 million in cash and 435,730 shares. The merger is expected to close at the end of this month.
Based in Great River, N.Y., Netsmart develops software used in the health and human services sector.
| Issuer: | Netsmart Technologies, Inc.
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| Issue: | Units of one share and one quarter-share warrant
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| Amount: | $5,699,592
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| Units: | 653,623
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| Price: | $8.72
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| Warrants: | One quarter-share warrant per unit
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| Placement agent: | Griffin Securities, Inc.
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| Announcement date: | Sept. 20
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| Settlement date: | Nov. 3
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| Stock price: | $11.90 at close Sept. 20
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