Research Frontiers Raises $1.75 Million in New CapitalAugust 6th, 2012 | Category: Industry News
Research Frontiers Inc. has announced that it has raised $1.75 million in new equity capital from a group of accredited investors. The investors received 589,227 shares of Research Frontiers common stock at a price of $2.97 per share, which was the closing market price of Research Frontiers stock on July 30, 2012, the day the transaction was priced. In addition, the investors in this stock offering received 117,846 five-year warrants to purchase Research Frontiers common stock at a price of $4.45 per share.
“We chose to offer a limited number of shares at this time to give us additional resources to continue our success and help continue to grow the automotive, aircraft, marine and architectural markets for our SPD-Smart technology,” says Joseph Harary, president and CEO. “I was particularly pleased that our friends and family offering was so warmly received, and that it garnered increased support and participation from highly prominent members of the high-end architectural design community.”