Research Frontiers Inc., the developer and licensor of patented SPD-SmartTM light-control film technology, has announced that it has received USD 1,618,653 in capital from a group of accredited invest…
Research Frontiers Inc., the developer and licensor of patented SPD-SmartTM light-control film technology, has announced that it has received USD 1,618,653 in capital from a group of accredited investors. In turn, the investors have received 588,602 shares of Research Frontiers common stock at USD 2.75 per share – the closing market price of Research Frontiers stock on 25 February 2010, when the transaction was priced. The investors also received 117,719 five-year warrants to purchase Research Frontiers common stock at USD 5.00 per share. These securities were sold pursuant to Research Frontiers“ effective shelf-registration statement filed with the SEC. The proceeds of this stock offering will be used by Research Frontiers to expand its operations, including increasing marketing programs for products using its state-of-the-art SPD light-control film technology, expanded marketing support for its licensees, and for working capital and general corporate purposes. Joseph M. Harary, president and CEO of Research Frontiers, said: “This transaction was somewhat unique. Not only did some of our existing investors from prior financing rounds participate and increase their equity investment in Research Frontiers, but this round of financing also included people who are more directly involved with the SPD-SmartGlass industry. Some of these new investors are involved with the sales and marketing of SPD-Smart end-products, and others are internationally known architects involved with advanced glass used in some of the world“s most prestigious and important buildings.” “SPD-Smart products offer environmental and design benefits that are increasingly coming to public attention. This is a result of the expansion of our business and marketing efforts and those of our licensees, including the recently announced significant developments by our licensees Hitachi Chemical, Pilkington, PGW, and DIC/iGlass.”