Only a day after announcing its Q3 figures, Minneapolis-based Wireless Ronin Technologies Inc. – found on NASDAQ as RNIN – has entered into agreements to sell approximately $6.7 million of its common stock in a registered direct offering.
Pursuant to these agreements, the company will issue 2,297,000 shares of common stock at $2.90 per share. Wireless Ronin expects net proceeds of approximately $6.0 million, which it plans to use primarily for general corporate purposes, including working capital.
The closing of the offering is expected to take place on or about Nov. 9/09, subject to customary closing conditions. In addition, pursuant to these agreements, Wireless Ronin will not issue common stock, subject to certain exceptions, at a price per share less than $2.90 for a period of 180 days after closing without certain investor consent.