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Scientific Learning Corporation
SCIL today announced it has entered into definitive agreements in connection with a private placement of equity for gross proceeds of $7.2 million.
"This financing will help Scientific Learning accelerate our software-as-a-service model on our new web-delivered platform," said Andy Myers, Chief Executive Officer. "We appreciate the continued support from existing investors, and are pleased with the level of commitment from new investors. Our shareholders understand our long term vision and the strength of our solution."
The Company sold units of common stock and warrants priced at $1.73 per unit. The Company will issue approximately 4.2 million shares of common stock and warrants to acquire up to approximately 2.5 million shares of common stock. The warrants have an exercise price of $1.82 per share. The financing is expected to settle on March 28, 2012, subject to customary closing conditions.
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