Valence (VLNC) To Sell Stock To Seaside 88
Valance Technology just announced a deal with private equity firm Seaside 88, according to this article in the Austin Statesman. Under the terms of the deal, Seaside will buy up to 16.9 million shares at a discount from Valence over the next year. Seaside 88 purchased 650,000 shares on Thursday. The deal gives Valence a much-needed cash infusion.
In the Statesman article, Valence co-founder and chairman Carl Berg, who has been largely meeting the cash needs of the company out of his own pockets, commented on the deal, saying “This definitely gives us the financial capability to meet all of our needs. And we still have me as a backup.”
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