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Simtek closes $1.5M round of financing

Posted: 13 Nov 2003 ?? ?Print Version ?Bookmark and Share

Keywords:simtek? renn capital? memory?

Simtek Corp., a developer of non-volatile memory products, has announced the closing of a $1.5 million financing transaction with three funds advised by RENN Capital Group Inc.

Under terms of the transaction, Simtek issued about 1,651,982 shares of common stock valued at 90.8 cents per shares. The company will use the net proceeds of the transaction primarily for working capital to support the company's growth plans.

"This additional capital will support our requirements as we continue to introduce new products and ramp up production throughout 2004," stated Douglas Mitchell, Simtek's president and CEO.

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