Innovaro Prices $3.8 Mln Registered Direct Offering - Quick Facts
(RTTNews) - Thursday, UTEK Corp., doing business as Innovaro (INV) signed definitive securities purchase agreement with three institutional investors. Following the agreement, the company has agreed to issue to the investors 1.48 million shares of its common stock, in a registered offering, priced at $2.565 per share along with Series A warrants to purchase up to 1.48 million shares of common stock with an exercise price of $3.43 per share of common stock and Series B warrants to purchase up to 893,519 shares of common stock with an exercise price of $0.01 per share of common stock.
The offering will raise gross proceeds to the company of approximately $3.8 million before advisory fees and offering expenses. The closing of the transaction is expected to occur on July 12, 2010. The company expects to use the net proceeds from the offering to continue its development of an innovation management platform, for general corporate purposes and to effectuate strategic acquisitions of other companies in its business sector.
UTEK Corp. offers a comprehensive portfolio of end-to-end innovation solutions primarily in the United States and the United Kingdom. It helps clients develop compelling strategies to drive and catalyze growth, source externally developed technologies, create added value from their intellectual property, and gain foresight into marketplace and technology developments that affect their business.
INV is currently trading at $2.73, down $0.76 or 21.78%, on a volume of 71,600 shares on the AMEX.
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