By Sheri Kasprzak
Atlanta, June 17 - AXS-One Inc. said it has received agreements from institutional investors for a $6.75 million private placement.
The offering includes 4,530,201.34 shares at $1.49 each sold to institutional investors led by Potomac Capital and including RIT Capital Partners plc.
Members of AXS-One's management and board directors will also participate in the deal.
The investors will also receive warrants for 20% of the number of shares issued in the offering, exercisable at $1.90 each and $2.15 each in two equal tranches. The warrants expire in three years.
Kaufman Bros. LP was the placement agent.
After the private placement is closed, Anthony Bloom, a professional investor and former chairman and chief executive officer of The Premier Group, will be named to AXS-One's board of directors, replacing Edwin Brondo.
Based in Rutherford, N.J., AXS-One produces software used for records management.
| Issuer: | AXS-One Inc.
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| Issue: | Stock
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| Amount: | $6.75 million
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| Shares: | 4,530,201.34
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| Price: | $1.49
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| Warrants: | Equal to 20% of the shares issued in the offering
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.90 in first tranche; $2.15 in second tranche
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| Placement agent: | Kaufman Bros. LP
|
| Investors: | Potomac Capital (lead); RIT Capital Partners plc
|
| Announcement date: | June 17
|
| Stock price: | $1.70 at close June 17
|
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