MDI (MDII) Sells 2.4M Shares at $1.67
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MDI, Inc. (Nasdaq: MDII) closed the private placement of common stock and warrants to several institutional accredited investors resulting in gross proceeds of $4.0 million before payment of expenses and placement fees.
Under the terms of the financing, MDI sold 2,395,210 shares at $1.67 per share and granted the investors 5-year warrants to purchase 1,197,605 shares of common stock at an exercise price equal to $2.51 per share.
Shares of MDII closed at $2.29 on Friday.
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