More Cash for Sorrento
By Multi Channel News Staff -- Multichannel News, 12/31/2003 5:53:00 AM
Sorrento Networks Corp. said Wednesday that it has closed a previously announced $6.35 million financing round.
The San Diego-based optical-networking-equipment raised the money through a private placement of its common stock and warrants to institutional and accredited investors.
Sorrento said it will use the net proceeds "for general corporate purposes, including working capital, and to strengthen its balance sheet for long-term growth."
The company issued 2,140,101 new shares of common stock and warrants to purchase 1,070,051 new shares of its common stock.
Investors received warrants to purchase one share of common stock for each two shares of common stock purchased, and the effective price in the private placement was $2.97 for each unit -- one share of common stock and a warrant to purchase one-half of a share of common stock.
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