By Sheri Kasprzak
New York, May 7 - MDI, Inc. concluded a $4 million private placement of stock.
The company sold 2,395,210 shares at $1.67 each to Hudson Bay Fund LP; Hudson Bay Overseas Fund Ltd.; and Vertical Ventures Investments LLC.
The investors also received warrants for 1,197,605 shares, exercisable at $2.51 each.
Proceeds will be used for working capital.
Located in San Antonio, MDI manufactures security technology products.
| Issuer: | MDI, Inc.
|
| Issue: | Stock
|
| Amount: | $4 million
|
| Shares: | 2,395,210
|
| Price: | $1.67
|
| Warrants: | For 1,197,605 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.51
|
| Investors: | Hudson Bay Fund LP; Hudson Bay Overseas Fund Ltd.; Vertical Ventures Investments LLC
|
| Settlement date: | May 7
|
| Stock symbol: | Nasdaq: MDII
|
| Stock price: | $2.29 at close May 4
|
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