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.
