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US Auto Parts Network Inc Announces $6 Million Financing

Monday, 25 Mar 2013 04:51pm EDT 

US Auto Parts Network Inc announced that it has entered into a Securities Purchase Agreement with certain accredited investors pursuant to which U.S. Auto Parts has agreed to sell up to an aggregate of 4,149,997 shares of its Series A Convertible Preferred Stock at a purchase price per share of $1.45 for aggregate proceeds to the Company of approximately $6.0 million, subject to the satisfaction of customary closing conditions. The transaction is expected to close in a series of closing to occur later this week and early next week and U.S. Auto Parts will use the net proceeds from the transaction to reduce its revolving borrowings (without any permanent reduction in the related loan commitments) under its credit agreement with JP Morgan Chase Bank, N.A. 

Company Quote

26 Feb 2015