By Sheri Kasprzak
New York, Aug. 16 - Tvia, Inc. entered into agreements to close an $11,925,000 private placement with a group of institutional investors.
The investors agreed to buy 4.77 million shares at $2.50 each.
The investors also will receive warrants for 1,669,500 shares, exercisable at $3.50 each for five years, beginning six months after closing.
The offering is slated to close on Aug. 18.
Proceeds will be used to fund growth.
Based in Santa Clara, Calif., Tvia develops digital display processors for digital high-definition, liquid crystal display, plasma display panel, standard definition and progressive-scan televisions.
| Issuer: | Tvia, Inc.
|
| Issue: | Stock
|
| Amount: | $11,925,000
|
| Shares: | 4.77 million
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| Price: | $2.50
|
| Warrants: | 1,669,500
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.50
|
| Announcement date: | Aug. 16
|
| Settlement date: | Aug. 18
|
| Stock symbol: | Nasdaq: TVIA
|
| Stock price: | $3.06 at close Aug. 15
|
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