NEWS: Stratasys raises $5 mln, gets stakeholder
Monday November 17, 5:33 pm Eastern Time
EDEN PRAIRIE, Minn., Nov 17 (Reuters) - Stratasys Inc said Monday it received proceeds of $5 million from two financing transactions with institutional investors which will be used for working capital and/or acquisitions.
As a result of the transactions, the investors will own about 520,000 shares of Stratasys' common stock, representing an eight percent stake.
In one transaction, Stratasys completed a $3 million private sale of 206,897 units to one institutional investor, with each unit consisting of one share of its common stock, a one-year warrant to purchase one share of common stock for $14.50, and a two-year warrant to purchase one share of common stock for $14.50.
In addition, three institutional investors affiliated with the purchaser exercised options to purchase 148,148 additional units for a total of $2 million.
Each additional unit consists of one share of common stock, a one-year warrant to purchase one share of common stock for $13.50, and a two-year warrant to purchase one share of common stock for $13.50. All of the warrants are immediately exercisable.
The company expects to close the sale of the additional units by the end of this week.
Each of the institutional investors is an investment fund in the Pharos/Lighthouse group of privately offered investment funds. The Pharos and Lighthouse Funds invest primarily in small and microcap public securities and in private equity.
Stratasys said the funds have indicated that they have acquired the shares for investment purposes.
Stratasys makes rapid prototyping devices for industrial, recreation, consumer and medical product original equipment manufacturers. |
