Wireless Ronin (RNIN) Sinks on $1.56M Offering

March 5, 2013 9:02 AM EST
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Wireless Ronin Technologies, Inc. (NASDAQ: RNIN) is down 17 percent in pre-open trading Tuesday after the company sold approximately $1.56 million of its securities in a registered direct offering.

Pursuant to these agreements, the company will issue 868,000 units at a price of $1.80 per unit, with each unit consisting of (i) one share of common stock, and (ii) one five-year warrant to purchase 0.50 of a share of common stock, with exercisability commencing six months and one day after issuance, at an exercise price of $2.73 per share.

Roth Capital Partners, LLC acted as the Company's placement agent for the transaction.

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