Rainmaker Systems, Inc. (RMKR) said Monday that it has entered into subscription agreements with members of its Board of Directors and various other investors for the sale of an aggregate of about 12.98 million shares of the company's common stock in an issuer directed, registered direct offering.
The shares were priced at $0.45, the consolidated closing bid price on the NASDAQ Capital Market on March 28, for gross proceeds to the company of about $5.8 million.
The offering is expected to close on or about April 3.
The company plans to use the proceeds from this offering for general corporate purposes, including working capital and capital expenditures.
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