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PlanetOut Inc. announced today that it has raised $26.2 million to meet the capital requirements set forth by its lender, according to a press release by PR Newswire. The transaction, which includes the sale of 22.8 million shares of common stock to a small group of investors, is expected to close by July 6, 2007.
PlanetOut Inc. announced today that it has raised $26.2 million to meet the capital requirements set forth by its lender, according to a press release by PR Newswire. The transaction, which includes the sale of 22.8 million shares of common stock to a small group of investors, is expected to close by July 6, 2007.
According to the press release, today's purchase agreement is in connection with a private placement of common stock to a group of new and existing accredited and institutional investors, including Special Situations Funds, Cascade Investment, L.L.C., SF Capital Partners, PAR Investment Partners LP, and Allen & Company LLC. Allen & Company LLC managed the transaction, acting as the placement agent.
To find out more, read the reports PlanetOut filed with the U.S. Securities and Exhange Commission, available at www.sec.gov.
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