News just out. Anyone care to comment? Hey, it's liquidity, but it's hard to analyze without knowing the conversion features. Probably should send the stock higher today. Right??
Data Race Successfully Completes $4,000,000 Private Placement
July 27, 1998 07:01 AM
SAN ANTONIO, July 27 /PRNewswire/ -- DATA RACE RACE today announced that it closed a $4,000,000 private placement of convertible preferred stock and warrants. $2,250,000 was funded at the closing and each of the investors committed to purchase additional amounts totaling $1,750,000 of convertible preferred stock and warrants on similar terms by January 31, 1999, subject to certain conditions. The convertible preferred stock is convertible into common stock at prices determined by the closing documents, which include maximum and minimum conversion prices.
Dr. W.B. Barker, President and CEO commented, "We welcome the new investors, including First Capital Group of Texas, a private fund co-managed by our Chairman. I believe this financing meets our objectives of providing an investment structure that better protects our existing shareholders' interests, strengthens the Company's financial position, and provides funding for the continuing development, sales and marketing efforts for the Be There!(TM) product line." |
