Mad Catz to Issue More Stock and Warrants

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Mad CatzMad Catz confirmed today that it has received a firm committment from private investors to purchase approximately 6.35 million shares of Mad Catz common stock for $1.92 per share ($12.2 million before issuance expenses) and warrants to purchase approximates 2.54 million additional shares of common stock. The company will use the proceeds from this issuance to repay the $14.5 million of convertible notes issued in November 2007 as part of Mad Catz's acquisition of Saitek. Remaining proceeds from the issuance will be used to reduce Mad Catz's outstanding borrowings from its revolving credit facility.

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This page contains a single entry by Editor published on April 18, 2011 9:44 AM.

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