Attacks Might Delay Kid Stuff Equity Credit ApplicationKids Stuff Inc., which publishes catalogs Perfectly Safe, Jeannie's Kids Club and The Natural Baby Catalog, may have its application for equity funding delayed as a result of last week's terrorist attack.
The North Canton, OH, company registered 14.5 million common shares as part of the funding process. This was part of an Aug. 31 filing with the Securities and Exchange Commission. The application is in process and could be delayed by the attacks.
The company announced "a major step in the completion" of its equity line of credit on Sept. 10. The equity line, entered into June 20 with Cornell Capital Partners, New York, is to provide the company with $3 million, letting Kids Stuff periodically issue and sell shares of its common stock, depending upon the volume of shares traded and the price per share.
On Sept. 11, Cornell Capital Partners' offices at One World Trade Center were destroyed.
Kids Stuff has been advised that the Cornell Capital Partners staff survived and that the company is establishing new offices.
Kids Stuff reported that the delay in the company's overall funding plans is unknown, but there will be no delay by Cornell Capital Partners resulting from the Sept. 11 attack.