By Sheri Kasprzak
New York, June 28 - Innovo Group Inc. wrapped a private placement of stock for $2 million.
The company sold 1.6 million shares at $1.25 each, a 9% discount to market.
The investors, which are entities controlled by William Sweddler and Barry Sternlicht, also received warrants for 480,000 shares, exercisable at $1.36 each.
Proceeds will be used for the growth of the company's Joe's Jeans business.
Based in Los Angeles, Innovo is an apparel retailer.
| Issuer: | Innovo Group Inc.
|
| Issue: | Stock
|
| Amount: | $2 million
|
| Shares: | 1.6 million
|
| Price: | $1.25
|
| Warrants: | For 480,000 shares
|
| Warrant strike price: | $1.36
|
| Investors: | Entities held by William Sweddler and Barry Sternlicht
|
| Settlement date: | June 27
|
| Stock symbol: | Nasdaq: INNO
|
| Stock price: | $1.36 at close June 27
|
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