PurchasePro announced Thursday that it has raised $6 million from private investors in a placement of common stock and warrants to purchase common stock. The placement requires that the company issue 9,230,770 shares of stock at $0.65 each and 1,384,615 warrants to purchase shares of stock at $1.00 each. The deal increases the number of company shares by 13.6 percent.
The business-to-business e-commerce software maker believes that it will not need future outside funding, and its CEO Richard Clemmer said in a statement that he expects the company "to be EBITDA (earnings before interest, taxes, depreciation and amortization) positive by spring and to generate cash by the fall." PurchasePro secured $15 million last December through a stock sale to Fusion Capital Fund.