By Sheri Kasprzak
New York, Oct. 11 - Viisage Technology, Inc. said it has secured $100 million from a private placement with L-1 Investment Partners LLC.
L-1 agreed to buy 19,047,619 shares at $5.25 each.
The investor will also receive warrants for 4 million shares, exercisable at $5.50 each for three years.
At least $85 million of the proceeds will be used for acquisitions.
Closing of the deal is subject to shareholder approval of a one-for-two and a half reverse stock split.
As part of the offering, Robert LaPenta, L-1's chief executive officer, will become chairman of Viisage's board of directors and may appoint two additional board members.
Based in Billerica, Mass., Viisage develops turnkey digital identification systems to prevent identity theft and fraud.
| Issuer: | Viisage Technology, Inc.
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| Issue: | Stock
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| Amount: | $100 million
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| Shares: | 19,047,619
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| Price: | $5.25
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| Warrants: | For 4 million shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $5.50
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| Investor: | L-1 Investment Partners LLC
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| Pricing date: | Oct. 5
|
| Stock price: | $3.64 at close Oct. 5
|
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