NewswireToday - /newswire/ -
San Francisco, CA, United States, 2012/04/27 - Ironridge Technology Co. Signs Definitive Agreement to Purchase $1,000,000 in Restricted Shares of Redeemable Convertible Preferred Stock from ANTs Software - ANTs.com / IronridgeGlobal.com.
Ironridge Technology Co., an institutional investor financing small cap public companies in the technology sector, today announced that it has entered into a definitive agreement with ANTs software inc. (ANTS.PK), a database consolidation solutions provider, to purchase $1,000, 000.00 in redeemable convertible Series B Preferred Stock in a private placement.
Ironridge received no warrants. The stock is not registered, and there are no registration rights in the agreement. The preferred will be convertible into common stock of the company, subject to availability of sufficient authorized shares. There are few restrictive covenants, and no amortization provisions in the agreement. The transaction is subject to customary equity and closing conditions.
Consistent with its long-only investment mandate, Ironridge represented that it has never shorted ANTs stock, does not hold any short position, and will not engage in or affect, directly or indirectly, any short sale of the common stock for at least one year.
About ANTs Software
The mission of ANTs software inc. (ANTS.com) is to help customers drive down IT operating costs by consolidating hardware and software infrastructure and eliminating cost inefficiencies. To this end, ANTs develops and sells the ANTs Compatibility Server (ACS) an innovative middleware solution that accelerates database consolidation between database vendors, enabling application portability. In addition to ACS, ANTs offers a complete portfolio of services ranging from architecting or managing IT infrastructure, to full application performance tuning and administrative services.
About Ironridge Technology
Ironridge Technology Co. (ironridgeglobal.com) is a division of Ironridge Global IV, Ltd. that specializes in equity investments in stocks related to researching, developing and creating computer software and hardware, electronics, information technology systems and services. Ironridge is a long-only institutional investor, making direct equity investments in small cap public companies. The firm entered into more than twenty equity financing transactions last year, ranging from a quarter million to $10 million each. Ironridge seeks to be a long-term financial partner, assisting public companies in financing operations and expansion by supplying innovative funding solutions and flexible capital. The firm seeks to unlock the full potential of cash-constrained businesses, propelling higher growth and more profitable enterprises.
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond anyone’s control, that may cause actual results to differ materially from stated expectations. These include, among others, the risks factors discussed in public reports filed with the Securities and Exchange Commission, which are available on its website at sec.gov.