Shopping.com Still Needs Millions to Stay in Business
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Shopping.com Inc. must raise at least $26 million over the next year to stay in business and needs more cash to stay afloat even through January, according to a regulatory report filed this week.
The Internet shopping service, which is based in Corona del Mar, said it is negotiating with several investors to raise capital through private placement offerings, the report says. Investors previously put up $30 million.
Company officials could not be reached for comment Thursday.
The disclosures were included in a registration statement for 2.3 million shares of stock at an offering price of $25.25 a share. The stock was being registered for investors who bought $10 million worth of convertible debentures--bonds that can be exchanged for stock--or who hold warrants to purchase shares.
Shopping.com shares closed Thursday at $22, up 50 cents, in Nasdaq trading.
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