By Elina Shatkin, September 25, 2003
Media 100 Inc. announced that its stockholders have approved the remaining $1.5 million investment by Coghill Capital Management, LLC ("CCM") in class A preferred shares that are convertible into common stock. The preferred shares are subject to specific terms and conditions that were filed with the U.S. Securities and Exchange Commission on May 21, 2003. This approval brings to completion the original agreement by CCM announced in May 2003 to invest $2.5 million in Media 100
. The proceeds of the transaction will provide capital for the continued development and marketing of the Company's 844/X products and for general corporate purposes.
NASDAQ rules require stockholder approval when an investor's ownership exceeds 20 percent of outstanding stock. Approximately $1 million of the $2.5 million investment by CCM brought their equity stake in Media 100 to just under 20 percent, which required the Company to gain stockholders' approval for the remaining $1.5 million. This transaction was approved at a special meeting of Media 100 stockholders held on August 22, 2003.
.
|