uBid.com Holdings Inc. (OTCBB: UBHI) today announced a $10 million common stock purchase agreement with Fusion Capital Fund II LLC, stating up to $10 million of uBid’s common stock may be sold for a 24-month period after the SEC releases a registration statement regarding the transaction.
“We are very excited to establish this funding relationship with Fusion Capital, a well-respected institutional investor with a strong record of investment,” uBid.com Holdings CEO Jeff Hoffman stated. “This new funding should help give us the ability to further roll out our strategic vision to focus on excess inventory solutions.”
Per the agreement, uBid.com Holdings can share sells of its common stock in allotments between $60,000 and $1 million, depending on certain conditions, priced at prevailing market prices. According to the press release, uBid.com will use the proceeds to implement its recently announced focus on liquidating excess inventories. The company is a global leader in inventory solutions that connects brand name sellers with customers around the world.
To execute its operations, uBid.com uses it multi-channel asset-recovery solution that includes an online auction platform, physical liquidation facilities, and a business-to-business sales platform. Utilizing uBid.com’s services, sellers can cut inventory and shoppers can make purchases at below retail suggestions.
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