By Laura Lutz
Des Moines, Jan. 7 - Viking Systems, Inc. raised $2.6 million from a private placement of stock, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 14,560,037 common shares at $0.178571 apiece along with warrants for an equal number of shares. The warrants are exercisable at $0.18 per share for five years.
Three institutional investors and William C. Bopp, the chairman of Viking's board, bought the shares. Bopp bought 9,800,024 shares for $1.75 million.
Viking completed the placement as part of a recapitalization to avoid bankruptcy, according to a news release.
Based in Westborough, Mass., Viking manufactures visualization systems for minimally invasive surgery.
| Issuer: | Viking Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.6 million
|
| Shares: | 14,560,037
|
| Price: | $0.178571
|
| Warrants: | For 14,560,037 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.18
|
| Investor: | William C. Bopp (for $1.75 million)
|
| Settlement date: | Jan. 4
|
| Stock symbol: | OTCBB: VKNG
|
| Stock price: | $0.38 at close Jan. 4
|
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