By Sheri Kasprzak
New York, Aug. 9 - Sonic Innovations, Inc. is gearing up to settle a $12 million private placement with a group of institutional investors.
The investors intend to buy 3.2 million shares at $3.75 each.
The offering is scheduled to close Aug. 18.
Piper Jaffray & Co. is the placement agent.
Proceeds will be used for the expansion of the company's retail operations.
Salt Lake City-based Sonic Innovations develops digital hearing aids.
| Issuer: | Sonic Innovations, Inc.
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| Issue: | Stock
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| Amount: | $12 million
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| Shares: | 3.2 million
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| Price: | $3.75
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| Warrants: | No
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| Placement agent: | Piper Jaffray & Co.
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| Announcement date: | Aug. 9
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| Settlement date: | Aug. 18
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| Stock symbol: | Nasdaq: SNCI
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| Stock price: | $4.56 at close Aug. 8
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