MAY 6--Robotic Vision Systems Inc. (RVSI; Canton, MA; www.rvsi.com) has completed a private placement of common stock to accredited investors, raising $15.0 million in gross proceeds. The proceeds of the financing will be used for general corporate purposes, including working capital to support growth.
A total of 10.3 million shares of common stock were sold at $1.46 per share. The private placement also includes warrants to purchase up to 2.1 million shares at $1.46 per share on or before June 30, 2002, and warrants to purchase up to 2.6 million shares at $1.50 per share on or before May 1, 2005. The exercise of either warrant by investors requires the payment of funds to RVSI in the full amount of the warrant exercise price. RVSI may call the $1.50 warrants if the price of RVSI common stock trades above $2.35 per share for 20 consecutive days at any time prior to the warrants' expiration.
Needham & Company Inc. acted as placement agent for the transaction. The securities have been purchased by accredited investors, including certain of RVSI's current shareholders.
