JFB Construction Plans $44 Million Private Placement, Shares Jump After Hours
MT Newswires Live
Sep 27
JFB Construction (JFB) said late Friday it has secured a significant private placement agreement with American Ventures for up to $44 million in equity financing.
The transaction covers 4.39 million series C convertible preferred shares, convertible into about 8.07 million common shares, plus an equal number of stock warrants, the company said.
The company will allocate $12 million of the proceeds to repurchase class B shares held by chief executive officer Joseph Basile III, with the balance earmarked for general corporate use, it added.
Shares of JFB Construction were up 65% in the after-hours session.
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