TranSwitch to Raise $2.5M through Private Placement

TranSwitch Corporation TXCC today announced that it has entered into a securities purchase agreement with Ilex Partners, LLC (“Ilex”), an entity managed by Michael Steinhardt, pursuant to which the Company has agreed to sell an aggregate of approximately 9.8 million shares of its common stock for total gross proceeds of $2.5 million. In connection with the transaction, Ilex agreed to surrender the warrant to purchase common stock it holds in exchange for an additional approximately 900,000 shares of the Company's common stock. The Company also granted to Ilex the right, for a period ending on the earlier of 180 days See full press release