BEAVERTON, Ore., May 13 -- Planar Systems Inc., producer of flat-panel display systems, said it has completed a private placement of common stock with an institutional investor. Proceeds of the financing will be used for working capital and general corporate purposes. A.G. Edwards & Sons Inc. served as the placement agent. "Our cash position following the recent acquisition of Dome Imaging Systems was adequate, at about $11 million, but our flexibility is better served by replenishing the account," said Steve Buhaly, Planar CFO. "The timing and terms of this placement were favorable, and it was completed very smoothly. Furthermore, the small addition to Planar's shares outstanding does not have a material effect on our outlook for fiscal 2002, leaving it unchanged from that published April 23."
Approximately 463,000 shares of Planar common stock were issued in the private placement, bringing Planar's total shares outstanding to approximately 13.5 million. No warrants were issued in conjunction with the financing. The purchase price of $21.60 per share was based on a 10-percent discount to the volume-weighted average price of Planar common stock over the five trading days ending April 30. Gross proceeds from the private placement were approximately $10 million, the company said.