TranSwitch (TXCC) Enters $11M Common Purchase Agreement

July 17, 2012 6:31 AM EDT
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TranSwitch Corporation (Nasdaq: TXCC) has entered into a common stock purchase agreement with Aspire Capital Fund, LLC, an Illinois limited liability company. Aspire Capital has committed to purchase up to $11 million of TranSwitch’s common stock over the next two years at prices based on the market price at the time of each sale. On execution of the agreement, Aspire Capital made an initial purchase of 990,099 shares of common stock for $1,000,000, which was approximately a 5% discount to Friday’s closing price of $1.07.

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