Units sold at $1.00 each; deal funds development, sales and marketing
By Devika Patel
Knoxville, Tenn., June 27 – Research Solutions, Inc. said it raised $5.2 million in a private placement of units on June 24. Wunderlich Securities, Inc. was the agent.
The company will sell 5.2 million units of one common share and 0.3 warrants at $1.00 per unit.
Each whole warrant is exercisable at $1.25 for five years. The strike price is a 25% premium to the June 23 closing share price of $1.00.
Proceeds will be used to accelerate development, sales and marketing of the next generation of its Article Galaxy research intelligence software-as-a-service platform.
The Encino, Calif., company provides research, publishing and marketing services to the pharmaceutical, biotechnology and medical device industries.
| Issuer: | Research Solutions, Inc.
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| Issue: | Units of one common share and 0.3 warrants
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| Amount: | $5.2 million
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| Units: | 5.2 million
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| Price: | $1.00
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| Warrants: | 0.3 warrants per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.25
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| Agent: | Wunderlich Securities, Inc.
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| Settlement date: | June 24
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| Stock symbol: | OTCBB: RSSS
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| Stock price: | $1.00 at close June 23
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| Market capitalization: | $17.65 million
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