The methods another streamer, VDAT, is using to acquire financing bits at a time ( stock gettting hammered today).
<< Visual Data Secures Additional Financing
Transactions to Result in $2.5 Million in New Capital
POMPANO BEACH, Fla., May 25 /PRNewswire/ -- Visual Data Corporation (Nasdaq: VDAT), a media company specializing in the production and distribution of video and audio for broadband, narrowband and wireless applications, announced that it completed a private equity financing transaction resulting in approximately $1.5 million in proceeds to the Company.
The private equity financing transaction completed by the Company consisted of the sale of 730,638 shares of Visual Data Corporation common stock and a warrant to purchase 146,128 shares of Visual Data Corporation common stock. The three year warrant is exercisable at $2.76 per share, which was the closing price of Visual Data's common stock on the date of the transaction.
Moreover, the Company reported that it has exercised its put right in connection with its December 2000 financing transactions with Halifax Fund LP and Paladin Opportunity Fund LLC. In connection with the exercise, the Company has sold additional 6% convertible debentures which will result in an additional $1 million of new capital.
"We believe these financing transactions demonstrate our ability to secure additional financing when required and on as-needed basis in order to maintain a comfortable level of capital to operate our business and pursue new growth opportunities" said Randy Selman, president and chief executive officer of Visual Data Corporation. "As such, we will continue to utilize the supportive investment banking relationships we have cultivated in order to secure new capital as needed and in smaller increments, instead of pursuing larger transactions that would be immediately more costly and dilutive based on the current market price of our common stock." >> |
