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Sports memorabilia retailer Dreams Inc. plans to raise up to $6 million for acquisitions.
Dreams Inc., which owns and operates such sports memorabilia retail sites as FansEdge.com and MountedMemories.com, could raise as much as $6 million over the next two years for acquisitions or other investments, according to paperwork filed this month with the U.S. Securities and Exchange Commission.
Under terms of the shelf registration, filed on June 25, Dreams, which is already a public company, would raise the money through sales of common stock. The SEC still must approve the filing, which should happen within three months, says David Greene, the company’s vice president of finance. Once approval is given, the registration is good for two years. The company would not necessarily raise the entire $6 million.
Greene would not specify how the company would use the money but did say that that Dreams wants funds available in case there is a chance for an acquisition or investment. “It’s a pre-emptive strategic move,” he says.
FansEdge is No. 198 in the Internet Retailer Top 500 Guide.
The filing comes amid a period of significant growth for Dreams. In May, the company reported that for the first quarter of 2010, web sales increased 39.2% to $11.0 million from $7.9 million in the first quarter of 2009. Total sales increased 11.5% to $16.5 million from $14.8 million for the same period last year.