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Auction Floor raises $1.5 million from private placement
By Laura Lutz
Des Moines, March 4 - Auction Floor, Inc. announced that it completed a $1.5 million private placement.
American Capital Partners was the investment banking advisor and placement agent for the deal.
As part of the deal, Auction Floor will execute a 1 for 25 reverse split of its common and preferred stock.
Sources close to the deal said the placement comprises units of shares and half-share warrants. The units will be sold at a price that will be set at 50% of the common stock price following the reverse split, with a floor price of $0.55. The company's shares closed unchanged at $0.03 on Monday (Pink Sheets: AFLR).
The warrants will be exercisable at the ex-split market price, and may be called if Auction Floor common stock trades above three times the strike price.
Auction Floor said it will proceed with its Securities and Exchange Commission registration in order to secure a listing on the OTCBB by the end of the third quarter of 2008.
Based in Scottsdale, Ariz., Auction Floor operates an online bidding platform for auction houses, charities and direct consignors.
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