Innovaro (INV) Prices $3.8M Offering; 1.48M Common at $2.565/Share
UTEK Corporation, doing business as Innovaro (NYSE Amex: INV), announced today that it entered into a definitive securities purchase agreement with three institutional investors pursuant to which it agreed to issue to the investors in a registered offering 1,481,481 shares of its common stock priced at $2.565 per share along with Series A warrants to purchase up to 1,481,481 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, subject to the satisfaction of customary closing conditions.
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.
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