KIT digital closes share offering, raising $50 million after expenses
By APTuesday, April 27, 2010
KIT digital closes share offering, raising $50M
NEW YORK — KIT digital Inc. said Tuesday it has closed its latest share offering, raising $50.3 million after expenses.
The company, which makes software for delivering video over the Internet, sold about 4.2 million shares for $13 each.
It plans to use the proceeds to acquire and invest in new businesses, the company said.
KIT’s stock fell 10 cents to $13.37 in afternoon trading amid a broader market slump Tuesday.
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