Skymall Inc., Phoenix, the in-flight catalog cooperative, yesterday announced it completed a private placement of a $9.1 million equity transaction that will convert to about 1.3 million shares of its common stock for $7 per share to fund ongoing e-commerce initiatives and supplement working capital.
“This capital will help fund the e-commerce strategies that we launched to fuel our future growth plans as a specialty retailer with proprietary solutions for catalog companies and consumers,” said chairman/CEO Robert M. Worsley in a statement.
Skymall also issued warrants to purchase about 652,000 shares of common stock, exercisable at $8 per share and subject to certain conditions.
