Saflink unveils $15 million private placement
BELLEVUE, Wash.--Saflink Corp., a manufacturer of biometric software applications, raised $15 million in a private placement from an undisclosed group of institutional investors.
In the agreement, the investors receive 8.8 million shares of common stock at a purchase price of $1.70 per share. The company will grant warrants to the investors to purchase an additional 2.6 million shares of common stock. The warrants will have a term of five years and an exercise price of $2.50 per share.
With this financing, SAFLINK will solidify a financial position to continue to execute on government initiatives, as well as provide working capital for commercial sales opportunities that are gaining momentum, said Glenn Argenbright, chief executive officer of the company.
Investment firm Rodman & Renshaw served as the placement agent for the transaction.