WETHERSFIELD, Conn.-Shared Technologies Cellular Inc. substantially completed a $6 million equity financing consisting of the private placement of new series D convertible preferred stock, the company said.
The shares, which are convertible at a fixed conversion rate of $8.88 per share, were purchased by certain institutional investors. Proceeds from the offering will be used for general working capital requirements, particularly with respect to STC’s expanding prepaid cellular services business, said the company.
