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news.US-based HearAtLast Holdings has completed a $1 million private placement of its restricted common stock.
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On November 2, 2007, the company closed its initial round of private equity financing since going public and obtained investment funds from accredited investors in the aggregate sum of $1 million for the purchase of 666,667 shares of the company’s restricted common stock, which represents a purchase price of $1.50 per share.
As a condition of the private placements, HearAtLast CEO, Matteo Sacco, has agreed to return to treasury and cancel the like amount of 666,667 shares of the company’s common stock he currently holds, to eliminate any dilution to the current HearAtLast shareholders.
The private equity investors have agreed to a contractual two year ‘lock-up’ on re-sale of the shares in the public market, terms which management believes are very favorable to the company and its current shareholders.
Matteo Sacco, CEO of HearAtLast, said: “This initial funding tranche will provide us with the necessary capital to continue the aggressive expansion set forth in our business plan.”