Company sells 10 million common shares on a self-underwritten basis
By Devika Patel
Knoxville, Tenn., May 13 - OverNear, Inc. priced a $5 million initial public sale of stock in a Form S-1 filed Monday with the Securities and Exchange Commission.
The company will sell 10 million common shares at $0.50 apiece on a self-underwritten basis.
Proceeds will be used for engineering, research and development, sales, marketing and business development and general and administrative expenses.
OverNear is a Beverly Hills, Calif.-based social networking iPhone app company.
| Issuer: | OverNear, Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 10 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Pricing date: | May 13
|
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