InterClick To Raise $18.1 Million In Stock Offering
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A big cash infusion for InterClick. The publicly-traded ad network is taking advantage of a 52-week high in its stock price to raise $18.1 million by selling shares to institutional investors in a registered direct offering. The company will net $12 million from the sale after deducting fees, which it will use “for general corporate purposes and working capital requirements.”
The deal should significantly up InterClick’s cash reserves, considering that as of Sept. 30 the company had only $1.9 million of cash and cash equivalents in the bank, according to an SEC filing.
As of late, InterClick’s revenue and profits have increased significantly. During its most recent quarter, the company’s posted revenue of $14.4 million, up from $5.8 million during the same period a year ago—an increase it attributed to growth in its advertiser base. The company also posted net income of $151,348, compared to a $3.7 million loss during the same quarter a year ago. Here’s the release.
Posted In: Advertising, Money
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