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Autobytel Completes $27.0 Million Common Stock Private Placement
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| Irvine, CA - June 24, 2003 |
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| Updated |
Jun 10, 2004 22:23:59 |
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Description:
- Autobytel Inc. (Nasdaq: ABTL), a leading Internet automotive marketing services company, today announced that it completed the sale of a total of 5,000,000 newly-issued shares of common stock to a group of institutional investors in a private placement for gross proceeds of $27.0 million. The shares were priced at $5.40 per share on June 20, 2003, and the transaction closed on June 24, 2003. Allen & Company LLC acted as placement agent in connection with the private placement.
Autobytel expects to have a cash balance in excess of $50 million at June 30, 2003.
Autobytel intends to use the proceeds from this private placement for general
corporate purposes, including potential acquisitions.
The shares of common stock have not been registered under the Securities Act of
1933 and may not be subsequently offered or sold by the investors in the United
States absent registration or an applicable exemption from the registration
requirements. Autobytel has agreed to file a registration statement covering
resales of the common stock by investors. This press release does not constitute
an offer to sell or the solicitation of an offer to buy any security and shall
not constitute an offer, solicitation or sale of any securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction. |
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