The company entered into an equity purchase agreement with certain affiliates of the Investor Parties pursuant to which the company agreed to issue and sell to them an aggregate of 1,600,909 shares of the company’s common stock, at a purchase price of $5.19 per share, pursuant to a private placement that is exempt from registration under the Securities Act of 1933, as amended. The aggregate gross proceeds from the Private Placement are expected to be approximately $8.3M. The net proceeds from the Private Placement will be used to repay indebtedness and for general corporate expenses.
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