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Deep Down Inc Announces Agreement To Raise $7.4 Million In Private Placement

Wednesday, 11 Sep 2013 04:30pm EDT 

Deep Down Inc announced that it has entered into definitive agreements with a number of new and existing institutional investors in connection with a private placement, pursuant to which the Company has agreed to sell an aggregate of 4.1 million shares of its common stock at $1.80 per share, for total gross proceeds of $7.4 million. The price was calculated at a slight discount to the 30-day moving average, based on the date agreed upon in mid-August. The Company intends to use the aggregate net proceeds from the transaction primarily to reduce debt, expand the Company's production capacity and increase available working capital for future growth. 

Company Quote

-0.0020 -0.27%
10:31am EST