An unnamed European institutional investor led the placement of over 4.5 million common stock shares and over 2 million of warrants. The stock was sold at $3.50, while the warrants to buy common stock at this price went for $3.00, making a total of $14 million for the company, according to a company release.
According to the release, the move is designed to strengthen the company’s balance sheet and provide capital for its growth strategy, which includes product development, international expansion, and strategic acquisitions.
The common stock and warrants were not registered since the securities cannot be offered or sold by investors in the United States absent registration or an applicable exemption from the registration requirements.
This move follows a busy year for Workstream in which they completed multiple acquisitions, expanded its institutional investor base, increased its management team size, and integrated products through its Workstream TalentCenter, according to the company.
Workstream ( www.workstreaminc.com ) is a provider of workforce management solutions and services.