Napster completes $52 million equity financing
The finance market for e-commerce businesses remains strong. The latest: Napster Inc. is selling 7.1 million shares to institutional investors at a price of $7.35 per share, the company reported today, realizing proceeds of about $52.18 million. Napster and the investors expect to close the private placement Monday.
Napster says the proceeds will be used for development of the Napster business, including the upcoming launch of the Napster To Go portable subscription service and for potential acquisitions.
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