By Sheri Kasprzak
New York, Feb. 6 - Verso Technologies, Inc. closed another private placement for $2 million.
The company sold 2 million shares in the offering to Arcadia Securities LLC; Cranshire Capital, LP; Hudson Bay Fund LP; Hudson Bay Overseas Fund Ltd.; Iroquois Master Fund, Ltd.; and Satellite Strategic Finance Associates, LLC.
The investors received warrants for 1 million shares, exercisable at $1.25 each for five years.
On Jan. 31, the company sold the same number of shares and warrants at the same price to Enable Growth Partners, LP; Enable Opportunity Partners, LP; and Pierce Diversified Strategy Master Fund, LLC.
Verso, based in Atlanta, is a communications company for carriers and service providers.
| Issuer: | Verso Technologies, Inc
|
| Issue: | Stock
|
| Amount: | $2 million
|
| Shares: | 2 million
|
| Price: | $1.00
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.25
|
| Investors: | Arcadia Securities LLC; Cranshire Capital, LP; Hudson Bay Fund LP; Hudson Bay Overseas Fund Ltd.; Iroquois Master Fund, Ltd.; Satellite Strategic Finance Associates, LLC Settlement date: | Feb. 2
|
| Stock symbol: | Nasdaq: VRSO
|
| Stock price: | $1.15 at close Feb. 2
|
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