Financing funds earmarked for stepping up brand-promoting initiatives
By Marisa Wong
Madison, Wis., Feb. 27 - Respect Your Universe, Inc. said it raised $1.5 million through a placement of units.
The company sold 1.5 million units, each consisting of one common share and half of one warrant. The units were sold at $1.00 apiece.
Each whole warrant entitles the holder to purchase an additional common share at an exercise price of $1.80 per share until Aug. 22, 2014. The warrant strike price reflects a 4.76% discount to the Feb. 24 closing share price of $1.05.
Proceeds from the equity financing will be used to accelerate the company's investment in product and marketing initiatives to drive brand awareness and revenue growth.
"We are excited and very pleased to complete this round of financing that we believe provides the financial resources to execute our sales, marketing and advertising strategies," chief financial officer Steve Eklund said in a news release.
Respect Your Universe is a Las Vegas-based athletic apparel and equipment company.
| Issuer: | Respect Your Universe, Inc.
|
| Issue: | Units of one common share and half of a warrant
|
| Amount: | $1.5 million
|
| Units: | 1.5 million
|
| Price: | $1.00
|
| Warrants: | For 750,000 common shares
|
| Warrant expiration: | Aug. 22, 2014
|
| Warrant strike price: | $1.80
|
| Announcement date: | Feb. 27
|
| Stock symbol: | OTCBB: RYUN
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| Stock price: | $1.05 at close Feb. 24
|
| Market capitalization: | $39.78 million
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