SPAR Group Raises $440K By Issuing 220K Shares At $2.00 Each To Investor Group Amid Highwire Capital Fee Dispute
Benzinga Newsdesk 1 year ago
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SPAR Group, Inc. (NASDAQ:SGRP) ("SPAR", "SPAR Group" or the "Company"), a provider of retail and brand services, announced today that an investor group made up of high-net worth individuals that supported the previously
SPAR Group, Inc. (NASDAQ:SGRP) ("SPAR", "SPAR Group" or the "Company"), a provider of retail and brand services, announced today that an investor group made up of high-net worth individuals that supported the previously terminated Highwire Capital transaction have invested $440,000 in cash to acquire 220,000 SPAR shares for $2.00 per share. The transaction was completed by issuing shares of the Company's common stock from treasury.
This investment in the future of SPAR does not replace the termination fee due from Highwire Capital. SPAR issued a demand letter to Highwire Capital for payment of the full $1,758,728 due as payment for failing to consummate the merger agreement.