LOS ANGELES, CA
uWink, Inc. (OTCBB: UWKI www.uwink.com), a developer of digital media entertainment software and an interactive restaurant concept, announced today that it has completed a $10.4 million registered equity financing. The proceeds of the raise will be used to fund new restaurant development and general working capital needs.
Investors purchased approximately 5.2 million units at a purchase price of $2.00 per unit, each of which consists of one share of common stock and a warrant to purchase one share of the Company’s common stock at an exercise price of $2.40. The warrants are immediately separable from the units, immediately exercisable and will expire on the fifth anniversary of the date of their issuance. The net proceeds are expected to be approximately $9.3 million after deducting placement agent fees and offering expenses.
“This financing marks an important inflection point in the growth of our company, highlighting market acceptance of our concept and technology while providing us with the capital to allow us to execute on our growth plans,” stated Nolan Bushnell, chairman and CEO of uWink.
Security Research Associates, Inc. acted as co-placement agent in this offering.
To learn more about uWink, Inc., visit www.uwink.com.