By Sheri Kasprzak
New York, June 8 - Virco Mfg. Corp. said it raised $5 million from a private placement of equity with Wedbush, Inc. and Wedbush Morgan Securities, Inc.
Wedbush bought 1,072,961 shares at $4.66 each.
The company expects a $300,000 follow-on offering to close in the coming days.
The investor received warrants for 268,010 shares, exercisable at $5.60 for the first three years and at $6.06 each for the remaining two years.
Virco, based in Torrance, Calif., designs and produces furniture.
| Issuer: | Virco Mfg. Corp.
|
| Issue: | Stock
|
| Amount: | $5 million
|
| Shares: | 1,072,961
|
| Price: | $4.66
|
| Warrants: | For 268,010 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $5.60 for the first three years; $6.06 for the remaining two years
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| Investors: | Wedbush, Inc. and Wedbush Morgan Securities, Inc.
|
| Settlement date: | June 6
|
| Stock symbol: | Amex: VIR
|
| Stock price: | $4.74 at close June 6
|
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