US market data technology vendor HyperFeed Technologies is looking to raise an additional $1,423,000 in funding from its executive officers, individual board members and main investor, Pico Holdings through a private placement in May.
In accordance with the terms of the capital raise, HyperFeed will issue 5,260,628 common shares at $0.2705 per share to the participants.
Jim Porter, HyperFeed, CEO, says the capital will secure the firm's long-term viability and fund development of its managed exchange platform services, which will be launched in Q2 2003.
"This infusion positions the company with the capital to stay focused on implementation while ensuring that we are not distracted by the day-to-day capital pressures companies are facing in the current environment," he says.
The transaction is expected to close in May after the firm's annual meeting and pending the approval of HyperFeed's shareholders and Nasdaq. Pico Holdings has has said that it intends to approve the private placement.
Hyperfeed secured a $305,000 cash infusion from the exercise of warrants by Pico Holdings in August last year.