By Sheri Kasprzak
New York, Sept. 16 - Atari, Inc. said it has completed a private placement for $7,413,367.
The company sold 5,702,590 shares at $1.30 each to Sark Master Fund Ltd. and CCM Master Qualified Fund, Ltd.
Morgan Joseph & Co. was the placement agent.
Also, the company issued 6,145,051 shares to its majority shareholder, Infogrames Entertainment SA. A total of 4,881,533 shares were issued as payment for development costs incurred and for future costs to be incurred in the course of business. The remaining 1,263,518 shares were issued as payment for outstanding debt.
Based in New York, Atari develops and distributes video games.
| Issuer: | Atari, Inc.
|
| Issue: | Stock
|
| Amount: | $7,413,367
|
| Shares: | 5,702,590
|
| Price: | $1.30
|
| Warrants: | No
|
| Investors: | Sark Master Fund Ltd. and CCM Master Qualified Fund, Ltd.
|
| Placement agent: | Morgan Joseph & Co.
|
| Settlement date: | Sept. 15
|
| Stock price: | $1.36 at close Sept. 15
|
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