Inventergy Global shares were higher 10% on Friday after the company said it has entered into a definitive agreement with institutional investors for the private placement of $3.0 million in convertible stock and warrants.
The Silicon Valley intellectual property company intends to use $2.5 million of the proceeds to redeem approximately 70% of the existing series C convertible preferred stock, and the remaining for working capital.
Inventergy Global investors have also agreed not to convert any remaining outstanding shares of series C preferred stock at an exercise price of less than $1.50 per share for the next 60 days.
INVT trades near the low of its 52-week range of $0.71 to $4.70.
