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Velti To Sell 16.53 Mln Ordinary Shares At Price Of $1.50/shr

Velti plc (VELT), a provider of mobile marketing and advertising technology and solutions, announced Friday that it has entered into a securities purchase agreement with certain institutional accredited investors to sell 16.53 million ordinary shares at a price of $1.50 per share.

The aggregate gross proceeds of the offering are $24.8 million.

The company noted that it intends to use the proceeds of the offering to pay certain deferred acquisition consideration totaling approximately $16.5 million relating to its November 2011 acquisition of MIG, and for research and development of the company's technology solutions, working capital, and general corporate purposes.

The company stated that it has agreed to file a registration statement registering the securities for resale.

by RTTNews Staff Writer

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