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3DO Completes $15.8 Million Private Deal

 
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MajorFreak
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PostPosted: Fri Dec 14, 2001 4:50 pm    Post subject: 3DO Completes $15.8 Million Private Deal Reply with quote

Hell if i know, looks like they bought some stock i guess wrote:
Video game publisher 3DO on Tuesday said it has closed a private placement of $15.8 million in stock to an institutional investor and to the family of Chief Executive Trip Hawkins, among others. Redwood City, California-based 3DO, which has seen its stock price fall this year even as most competitors have recorded double- and triple-digit percentage gains, said $12.5 million of the Series A convertible preferred stock went to the institutional investor. The other $3.3 million went to the family of Hawkins and of Michael Marks, the chairman and chief executive of contract manufacturer Flextronics International.

In a statement, Hawkins said the financing would help 3DO develop a number of game properties, and reaffirmed the company’s plan for a return to profitability by the end of its fiscal fourth quarter in March.

3DO said the investors received three-year warrants to buy a total of 2.1 million shares in the company at $2.77.
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Lormar
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Joined: 27 Nov 2001
Posts: 48
Location: Omaha

PostPosted: Fri Dec 14, 2001 10:08 pm    Post subject: Reply with quote

Close they sold some stock....a whole shit load of it.....now they have a lot more cash to work with.....and maybe can hire some more ppl to get this patch out!

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MajorFreak
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PostPosted: Sat Dec 15, 2001 1:41 am    Post subject: Reply with quote

ooooooooooooooooooo...so that's what that gobbledeegook meant! cheers!
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