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Sorrento Networks to Raise $6.35 M Funding
Dec 2003
SAN DIEGO, Dec. 31 -- Sorrento Networks Corp., a supplier of optical networking equipment, announced it has signed definitive agreements to raise approximately $6.35 million in gross proceeds from a private placement of its common stock and warrants to institutional and accredited investors. Sorrento said it intends to use the net proceeds for general corporate purposes, including working capital, and to strengthen its balance sheet for long-term growth.

Funding is expected to occur approximately a week after closing conditions are met.

Sorrento said it agreed to sell 2,140,101 new shares of common stock and warrants to purchase 1,070,051 new shares. Investors will receive a warrant to purchase one share of stock for each two shares purchased. The effective price in the private placement is $2.97 for each unit, consisting of one share of stock and a warrant to purchase half a share. The warrants have an exercise period of five-years with an exercise price of $2.97 per share. They are exercisable in cash, representing a potential $3.17 million in additional proceeds, bringing the total gross process of the offering to approximately $9.5 million.

Sorrento Networks' GigaMux family includes access, metro and regional dense wavelength division multiplexing systems. Sorrento also offers coarse wavelength division multiplexing products for optical access and transport applications.

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