Tuesday, July 19, 2005

Tut Raises $14.9 Million in Private Placement Financing

Tut Systems announced agreements with institutional investors for a $14.9 million private sale of common stock and warrants to purchase common stock. Under the deal, Tut Systems will issue an aggregate of 5,535,000 shares of common stock at a per share price of $2.70, and warrants to purchase an additional 2,767,500 shares of common stock. The company expects to close the transaction on or prior to July 22, 2005.

"This funding provides us with the capital to expand our leadership position in our core IPTV markets, and to pursue top tier carrier opportunities around the world with our content video processing and FTTH edge modulation solutions," said Sal D'Auria, Chairman, President and CEO of Tut Systems.

See also