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Automated Parking Systems Maker Boomerang Systems Raises $7M
Posted July 30, 2010
2:00PM PST
Boomerang Systems, a manufacturer of automated parking systems, raised $7 million from a private placement of common stock and warrants.
The Morristown, N.J.-based company issued 28 million shares, priced at 25 cents each, reflecting a 74.5% discount to the closing price July 13. The offering represents a 7.3% stake in Boomerang.
Investors also received five-year warrants to purchase 28 million at the same discounted price.
Boomerang said it planned to use the proceeds for working capital and general corporate purposes.
Source: PrivateRaise
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