Ronin Looking For $1.56M In Direct Public Offering

March 5, 2013 by Dave Haynes

wireless_roninWith money on hand running out, Wireless Ronin has announced an agreement to sell approximately $1.56 million of its securities in a registered direct offering.

The Minneapolis-based digital signage software and services firm will “issue 868,000 units at a price of $1.80 per unit, with each unit consisting of (i) one share of common stock, and (ii) one five-year warrant to purchase 0.50 of a share of common stock, with exercisability commencing six months and one day after issuance, at an exercise price of $2.73 per share. The company expects net proceeds at closing of approximately $1.3 million, which it plans to use for general corporate purposes, including working capital. The closing of the offering is expected to take place on or about March 8, 2013, subject to customary closing conditions.”

Last week the CEO said on an investor call: “Despite the robust pipeline and without a significant increase in short-term revenues we require additional capital resources to fund our operations beyond May of 2013.

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