ViewCast Corporation, a developer of solutions for the
transformation, management and delivery of digital media over enterprise,
broadband, and mobile networks, announced that it has raised $745,000 in
ViewCast had entered into subscription agreements with 12
private investors, of which six were members of the ViewCast Board of Directors
or executive officers, for the purchase of an aggregate of 6,618,068 shares of
ViewCast common stock for an aggregate purchase price of $745,000.
“With the global demand for streaming video booming,
these new funds will help us kickoff several new product innovations in early
2012 as part of our new efforts to reach additional large customers in areas
such as the telecom industry where the delivery of video content through a
variety of wireless, handheld devices has become paramount,” said
CEO John Hammock.
The purchase price of common stock
was $0.1125707 per share, which was the weighted average closing
price for the five trading days immediately prior to December 27, 2011.
The investors also subscribed for warrants exercisable
into 6,618,068 shares of ViewCast common stock at an exercise price
of $0.1238278 per share, which will expire on December 31, 2014.
The company has also said that they have restructured
their organizational costs to match their current level of revenue and the
company is positioned enough to take advantage of the new expansion in the
streaming video market.
By Telecomlead.com Team