Data Storage Proposes To Raise $8.3M Via Institutional Equity Sale

Data Storage Corp DTST agreed to sell 1.375 million shares at $6.04 per share to raise $8.3 million in a secondary institutional offering.
The $6.04 is the combined purchase price for one share of common stock and 0.75 warrants, which signifies a 1.7% premium to the company's Friday closing price of $5.94.
The offering also includes five-year warrants to purchase 1 million shares.
The warrant exercise price is $6.15 per share.
Maxim Group LLC is the sole placement agent for the offering.
The company did not disclose the purpose behind the offering.
Price action: DTST shares traded lower by 25.3% at $4.44 on the last check Monday.

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