MIDDLETOWN, R.I. — Fiber optic and satellite antenna company KVH Industries said it has completed a private placement of more than 1.5 million common shares priced at $6.50 per share, for a total of $10 million, to two institutional investors.
According to KVH, the most recent transaction brings the total additional equity raised by the company since year-end to $15 million. The company said it plans to use the proceeds of the placement to finance its high-speed optical networking application and mobile broadband projects. The company said it intends to register the shares by filing a Form S-3 during the second quarter ending June 30, 2001.
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Needham & Company acted as placement agent for the financing. The company’s board has approved the sale of an additional $5 million of common stock priced at no less than $6.50 per share, which would complete its current financing plan, KVH said.
