By Sheri Kasprzak
New York, March 2 - Avanex Corp. wrapped a private placement for $20 million.
The company sold 10,795,056 shares at $1.8527 each to an institutional investor.
The investor received warrants for 2,698,764 shares, exercisable at $2.1452 each through March 1, 2011.
Banc of America Securities LLC was the placement agent.
In other news, Avanex entered into a share purchase agreement with Global Research Co., a French company, and Didier Savage. Avanex intends to divest its III-V Indium Phosphide and Gallium Arsenide semiconductor fabs and associated product lines in Nozay, France, and transfer 90% of the share capital and voting rights of subsidiary Avanex France to the two purchasers at €1.00. The transaction is set to close in the second quarter.
Based in Fremont, Calif., Avanex develops fiber optic products.
| Issuer: | Avanex Corp.
|
| Issue: | Stock
|
| Amount: | $20 million
|
| Shares: | 10,795,056
|
| Price: | $1.8527
|
| Warrants: | For 2,698,764 shares
|
| Warrant expiration: | March 1, 2011
|
| Warrant strike price: | $2.1452
|
| Placement agent: | Banc of America Securities LLC
|
| Settlement date: | March 1
|
| Stock symbol: | Nasdaq: AVNX
|
| Stock price: | $1.88 at close March 1
|
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