Source: Reverse Merger Report
Kali Tuna, a Croatian tuna farm, raised less than half of the amount it had planned in a private placement that was part of a reverse merger this week.
Kali raised $7.3 million in the placement, which took place alongside a reverse merger with shell company Lions Gate Lighting Corp. on June 30.
The company had said earlier that it planned to raise at least $15 million.
Units in the placement, priced at $1 each, included a common share and a warrant to purchase one-fifth of a share for $2 over five years. Stock in the company last traded on June 4 at $1.80.
The deal is the first between a U.S. shell company and a Croatian company going back to at least 2004, according to PrivateRaise, DealFlow Media's data service.
Kali farms northern bluefin tuna in the Adriatic Sea, primarily for sale to the Japanese sushi and sashimi markets.
The company will rename itself Umami Sustainable Seafood.