Boomerang Systems Inc., a designer and manufacturer of automated robotic parking and self-storage systems, has closed an $11.6 million financing, which is expected to help accelerate the company's growth trajectory.
"We are very pleased to complete this offering with the investment and support of a diverse group of private investors, many of whom Boomerang expects to be strategically helpful in developing relationships around the world," said CEO Mark Patterson.
The company conducted the offering pursuant to a transaction exempt from the registration requirements of the Securities Act of 1933, as amended. The final closing occurred on Dec. 9. The offering of securities included approximately $6.6 million of indebtedness, which was converted into the offering securities, and additional cash of approximately $5 million received from new investors.
In the offering, Boomerang sold 6 percent convertible promissory notes due in 2016 in the aggregate principal amount of $11,624,522 and warrants to purchase an aggregate of 2,735,192 shares of common stock. Gilford Securities Inc. acted as the exclusive placement agent for the offering.
Headquartered in Morristown, N.J., with research, design, testing and production facilities in Logan, Utah, Boomerang Systems Inc. is in the business of selling, designing, engineering, manufacturing, installing and supporting its own line of fully automated-parking systems and automated self-storage systems.