MIDDLETOWN, R.I.– KVH Industries has announced the completion of a private placement
of 1,538,461 common shares priced at $6.50 per share, for a total of $10 million,
to two institutional investors. These sales will bring the total additional equity
raised by the company since year-end to $15 million.
The proceeds of the placement will be used to finance the company’s Photonic Fiber and Mobile Broadband R&D projects. KVH intends to register the shares by filing a Form S-3 during the second quarter ending June 30, 2001. 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.
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