Vertical Data closes $4.24 million private placement of common stock
VDTA•Vertical Data closed a private placement of 1,413,640 shares at $3 each, raising approximately $4.24 million. Insiders invested $1 million, and B. Riley Securities also invested $1 million.
1. Placement closed
Vertical Data closed an approximately $4.24 million private placement of 1,413,640 shares of common stock at $3 per share. Insiders invested $1 million, about 24% of the proceeds, including $500,000 from Chairman and CEO Deven Soni. B. Riley Securities acted as placement agent and invested $1 million.
2. Resale registration
The shares were sold without registration, and the company must file a resale registration statement within 30 days of closing. Vertical Data said it is actively pursuing an uplisting to a national stock exchange.
