Tech Industry

Short Take: SyQuest gets $30 million investment

SyQuest Technology, maker of high-performance removable hard disk cartridges, has closed on a $27.5 million investment, and has signed an agreement for the investment of an additional $2.5 million. Terms of the placement call for $8.75 million of the proceeds and the related securities to be placed into escrow. The funds will be released from escrow upon a pending S-3 registration statement being declared effective by the Securities and Exchange Commission no later than March 16.

SyQuest Technology, maker of high-performance removable hard disk cartridges, has closed on a $27.5 million investment, and has signed an agreement for the investment of an additional $2.5 million. Terms of the placement call for $8.75 million of the proceeds and the related securities to be placed into escrow. The funds will be released from escrow upon a pending S-3 registration statement being declared effective by the Securities and Exchange Commission no later than March 16.