CyberShop.com Announces Completion of an Additional
Round of Equity Financing of $6 Million
Business Wire - December 10, 1999 13:45
JERSEY CITY, N.J.--(BUSINESS WIRE)--Dec. 10, 1999--CyberShop.com(R), Inc
(Nasdaq:CYSP), a leading Internet retailer of branded merchandise,
cybershop.com, announced today that it has completed an additional round of
private equity financing for gross proceeds of $6 million. The financing, completed with the
same investor group as the September 30, 1999 financing of $5.1 million, also involved the
issuance of common stock and warrants, both issued at prices above the previous trading days
close. Over the near term additional shares may be issued to the investors under certain price
conditions.
The proceeds of the financing will be used for working capital purposes and marketing for next
year.
"This second, even larger financing, within less than three months, I believe speaks to the
success of the original financing and the confidence that these investors have in
CyberShop.com.", said Jeff Tauber, CyberShop.com Chairman and CEO.
I think it speaks of a cash flow crunch myself. Not worthy of a PR. I'm out. Thanks for hitting the $14 target. See you next year.
Jack |
