Storage system maker Dot Hill has raised $16.8 million through a sale of common stock to institutional investors, the company said Wednesday. The company sold 4.75 million shares at $3.75 each, about a 14 percent discount to the average price of stock sold in the five days before March 11. About $1 million of the resulting proceeds of $17.8 million went to commissions and expenses, Dot Hill said.
Dot Hill is in a partnership under whichincluding rack-mounted systems 3.5 inches thick--two rack units, or 2U. Later this year, both companies plan to sell a slimmer, 1.75-inch-thick (1U) storage system from Dot Hill.