By Sheri Kasprzak
New York, Aug. 31 - Raptor Networks Technology Inc. has raised another $437,500 from its private placement of units, bringing to $3,558,500 the total proceeds received from the offering so far.
In the tenth tranche of the deal, the company sold 218,750 units at $2.00 each. The units include four common shares and one warrant. The series G warrants are exercisable at $2.50 each for five years.
The company has closed nine other rounds of the financing. The first was closed April 29 for $507,000, under the same terms. The second wrapped May 16 for $430,000; the third on May 31 for $285,000; the fourth on June 10 for $465,000; the fifth on June 15 for $131,000; the sixth on June 30 for $312,500; the seventh on July 15 for $285,000; the eighth on July 29 for $400,000 and the ninth on Aug. 22 for $305,000.
The financing is an ongoing offering for proceeds of up to $20 million.
Based in Santa Ana, Calif., Raptor develops switching hardware and software for the education, government and telecommunications sectors.
| Issuer: | Raptor Networks Technology, Inc.
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| Issue: | Units of four shares and one series G warrant
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| Amount: | $437,500
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| Units: | 218,750
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| Price: | $2.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.50
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| Settlement date: | Aug. 25 (tenth tranche)
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| Stock price: | $0.54 at close Aug. 25
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