Ultralife Batteries Inc. (Newark, NJ) announced that it has raised $3.0 million through a private placement consisting of common equity and a convertible note. Initially, approximately 800,000 shares were issued and an additional 200,000 shares will be issued upon conversion of the note, which matures on December 31, 2002. All shares will be issued at $3 per share.
"This private placement gives us the flexibility to finance future revenue growth and helps us in achieving the strategic goals of the company," said Ultralife Batteries President and CEO John Kavazanjian. "We explored a number of alternatives, including expanding our borrowing capacity, and decided to move forward with a private placement given the timeliness and financial flexibility it afforded us."