EDiets announces $600,000 private placement
eDiets, Septmeber 11, said Friday it has entered into a $600,000 private placement
The investment will convert into common stock at $1.06 a share. The Fort Lauderdale-based fitness and diet company (NASDAQ: DIET) said in a news release that it will use the proceeds to fund future growth opportunities, including the expansion of advertising related to relaunching a fresh meal delivery service.
The new placement follows a similar announcement earlier this year that the company received a $500,000 private placement from members of its management and board of directors.
EDiets had been warned that its market value falls short of the $35 million minimum for the stock exchange and it would be delisted.
The company said its continued listing is subject to the condition that, on or before Dec. 29, it must regain compliance with the $35 million requirement or the alternative requirement of $2.5 million in stockholders’ equity.
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