logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Anthony Levandowski, the head of Uber's self-driving division, is stepping away from his role as Uber continues a legal battle with Waymo, Levandowski's former employer. Levandowski, who founded startup Otto, became head of Uber's Advanced Technologies Group or ATG after Otto was acquired by Uber in August 2016. Southwest Airlines Co. has decided to end the practice of overbooking flights, the airline's CEO Gary Kelly said Thursday. The airline's plan to end overbooking could be implemented from May 8, according to a Southwest spokeswoman. Shares of Electrolux AB were gaining around 5 percent in the trading in Sweden after the home appliances giant reported higher profit and sales in its first quarter. President and CEO Jonas Samuelson said, "We will continue to drive profitable growth by creating best-in-class consumer experiences which are supported by innovation and operational excellence."
comments powered by Disqus
Follow RTT