Deal sells 6.7 million shares at $0.15 apiece to fund cloud business
By Devika Patel
Knoxville, Tenn., Dec. 12 - AltiGen Communications, Inc. said it completed a $1 million private placement of stock.
The company sold about 6.7 million common shares at $0.15 per share. The price is a 15.39% premium to the Dec. 11 closing share price of $0.13.
Proceeds will be used for the company's new private cloud business initiative and for general operating capital.
The San Jose, Calif., company offers Microsoft-based voice-over-internet protocol business phone systems.
| Issuer: | AltiGen Communications, Inc.
|
| Issue: | Common stock
|
| Amount: | $1 million
|
| Shares: | 6.7 million (approximate)
|
| Price: | $0.15
|
| Warrants: | No
|
| Settlement date: | Dec. 12
|
| Stock symbol: | OTCBB: ATGN
|
| Stock price: | $0.13 at close Dec. 11
|
| Market capitalization: | $2.01 million
|
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