SCO raises $10 million in stock sale
The move should help the financially struggling company, which is embroiled in a legal battle against IBM, others.
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The SCO Group has raised about $10 million in a stock sale to institutional investors and a company board member, a move that will help the financially struggling company, which is embroiled in a and other companies. The suits are based on the Lindon, Utah-based company's assertion that IBM breached its contract with SCO by moving proprietary Unix technology into the open-source Linux operating system.
SCO said Wednesday that it completed a private placement of 2,852,449 shares of common stock, selling some to institutional investors at $3.50 per share and some to the board member at $3.92 per share. "The proceeds should ensure that the company has adequate funding to pursue its existing business strategies, including the resolution of the company's existing legal proceedings," SCO said in a statement.