By Sheri Kasprzak
New York, Aug. 28 - Research Frontiers, Inc. settled a direct placement for $1,999,992.
The company issued 515,462 shares at $3.88 each to a group of accredited investors led by the principals of a real estate group.
The price per share is a 6% discount to the company's $4.14 closing stock price Friday.
The shares were sold under the company's shelf registration.
Proceeds will be used for the development of the company's suspended particle device technology as well as for working capital and general corporate purposes.
Based in Woodbury, N.Y., Research Frontiers develops suspended particle device technology used in light-control glass and plastic products. The products include sunshades, automotive windows and flat panel displays for electronic products.
| Issuer: | Research Frontiers, Inc.
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| Issue: | Stock
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| Amount: | $1,999,992
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| Shares: | 515,462
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| Price: | $3.88
|
| Warrants: | No
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| Settlement date: | Aug. 28
|
| Stock symbol: | Nasdaq: REFR
|
| Stock price: | $4.14 at close Aug. 25
|
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