By Sheri Kasprzak
Atlanta, Nov. 8 - TeamStaff Inc. said Monday it has raised $4.3 million in a private placement.
The company has received subscription agreements for 2.4 million shares in the deal at about $1.79 per share from institutional investors.
The investors also received warrants for about 600,000 shares. The warrants allow for the purchase of an additional share of common stock at $2.50 for every four shares of stock purchased in the private placement. The warrants are exercisable for three years.
The deal is expected to close Nov. 9.
SunTrust Robinson Humphrey Capital Markets and Maxim Group LLC served as selling agents in the offering.
Based in Somerset, N.J., TeamStaff is a temporary medical staffing agency. It plans to use the proceeds from the deal to fund its internal growth initiatives and execute acquisitions in the medical staffing field.
| Issuer: | TeamStaff Inc.
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| Issue: | Stock
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| Amount: | $4.3 million
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| Shares: | 2.4 million
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| Price: | $1.79
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| Warrants: | For 600,000 shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $2.50
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| Placement agents: | SunTrust Robinson Humphrey Capital Markets and Maxim Group LLC
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| Announcement date: | Nov. 8
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| Settlement date: | Nov. 9
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| Stock price: | $1.96 at close Nov. 5
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