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M-Wave Closes $3 Million Private Placement with Mercator Advisory Group
August 5, 2004 |Estimated reading time: Less than a minute
West Chicago, Ill. — M-Wave Inc. has concluded the previously announced sale of 30,000 shares of the company's Series A, convertible preferred stock to Mercator Momentum Fund LP, Mercator Momentum Fund III LP and Monarch Pointe Ltd. through Mercator Advisory Group LLC for aggregate proceeds after estimated expenses of $2.65 million.
On June 18, the company appealed Rule 4310(c)(2)(B) to NASDAQ's Hearing Panel that it not de-list M-Wave common shares since total book equity would exceed the minimum $2.5 million if the Mercator transaction was closed, subject to shareholder approval.
On July 28, the Mercator transaction was closed after shareholders approved it by majority vote on the previous day. The company now reports that its proforma June 30 net equity will exceed $3.66 million, and it has notified NASDAQ of that fact. The company is awaiting final determination of the Hearing Panel with respect to continuation of its listing on the Small Caps market.
The company indicated that the Mercator funds would be used to pursue growth strategies both internally and externally in the near term.
M-Wave Inc. is a value-added service provider of high performance circuit boards. For more information, visit www.mwav.com.