ANTs Software Inc. consolidates hardware and software infrastructure to eliminate cost inefficiencies. The company today announced it will receive a $2 million investment from Fletcher International Ltd. as part of a previously announced $10 million March 2010 investment agreement. The investment brings Fletcher’s total investment to date at $4 million.
ANTs will use the proceeds for general operating purposes, as well as for the further development of its go-to-market strategy for its database migration solutions.
Per the agreement, the $2 million investment represents Fletcher’s purchase of 1.6 million additional shares at a per share price of $1.25, a 25% percent premium over the closing price of ANTs’ common stock on July 14, 2010.
ANTs and Fletcher also agreed to amend the terms of the previous agreement, reflecting Fletcher’s right to purchase the remainder of its $10 million investment in ANTs software at $1.25 per share for up to $1 million of additional shares and $1.50 per share for up to $5 million of additional shares.
According to the press release, in advance of the recent transaction, ANTs withdrew its registration statement originally filed with the Securities and Exchange Commission on June 2, 2010. The company has agreed to file one or more new registration statements under the revised terms of the transaction.
“Fletcher is an exceptional investment partner. Their commitment, guidance and support have been a key driver of our success. Their willingness to accommodate modifications to the timing of our capital needs confirms that we made the right decision in choosing Fletcher as our long-term partner. We look forward to a long and mutually successful partnership between our two firms,” Joseph Kozak, CEO of ANTs, stated in the press release.