Shopping.com Acquiring $20 Million Equity-Based Line of Credit
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Shopping.com said that it signed an engagement letter to secure an equity-based $20 million line of credit with multiple institutional investors.
Under this privately placed equity offering, Shopping.com would have the right to draw $20 million in cash in exchange for Shopping.com common stock. The timing and amounts of the draw-downs will be at the sole discretion of Shopping.com.
"This agreement represents an important and unique strategic funding for the company," said John Markley, president and CEO of Shopping.com. "The agreement will provide significant funding to allow us, on an ongoing basis, to grow the company during this critical period of e- commerce expansion on the Internet. In addition, this agreement will allow us to move forward with our application for the company to be listed on the Nasdaq stock exchange."
Shopping.com is an online retailer offering more than 1.5-million items of brand name consumer products organized by category, targeting both the consumer and commercial markets and utilizing state-of-the-art proprietary systems technology.