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Raymond James & Associates is arranging a $3.8 million registered direct offering of common stock and purchase warrants of consulting firm UTEK Corp., which does business as Innovaro.
Tampa, Fla.-based Innovaro is issuing 1.48 million shares priced at $2.57 each, reflecting a discount of 26.5% compared with yesterday's closing price. The company will also issue 5.5-year warrants to buy 1.48 million shares for $3.43 each, and five-year warrants to purchase up to 893,519 shares for 1 cent each under "reset" provisions that may take effect if Innovaro stock trades below the price that it is valued at in the PIPE.
Hudson Bay Capital Management is investing an undisclosed amount in the offering.
Innovaro was advised by the law firm of Sutherland Asbill & Brennan, while Schulte Roth & Zabel advised Hudson Bay.
Innovaro said it plans to use the proceeds for general corporate purposes and for acquisitions.
Source: PrivateRaise
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