uBid.com Holdings Inc. has entered into a $10 million common stock purchase agreement with Fusion Capital Fund II LLC, a Chicago-based institutional investor. Up to $10 million of uBid.com Holdings' common stock may be sold to Fusion Capital from time to time over a 24-month period after the Securities and Exchange Commission has declared effective a registration statement related to the transaction. uBid.com Holdings will use the proceeds to further implement its recently announced strategic change to focus on liquidating excess inventories. uBid operates the uBid.com marketplace site and recently closed its C2C Bidville.com auction site after it announced its new strategy.
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uBid.com Holdings Inc. has entered into a $10 million common stock purchase agreement with Fusion Capital Fund II LLC, a Chicago-based institutional investor. Up to $10 million of uBid.com Holdings' common stock may be sold to Fusion Capital from time to time over a 24-month period after the Securities and Exchange Commission has declared effective a registration statement related to the transaction. uBid.com Holdings will use the proceeds to further implement its recently announced strategic change to focus on liquidating excess inventories. uBid operates the uBid.com marketplace site and recently closed its C2C Bidville.com auction site after it announced its new strategy.