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Short Take: SyQuest raises millions

SyQuest Technology raised $8.5 million in the final portion of a year-long refinancing effort that has brought the company $120 million of new equity. SyQuest also issued seven-year warrants to purchase 7.5 million shares of the company's common stock, and converted $2.8 million of vendor indebtedness into common stock, raising the total of SyQuest's debt-to-equity conversions in the past year to $28.5 million.

SyQuest Technology raised $8.5 million in the final portion of a year-long refinancing effort that has brought the company $120 million of new equity. SyQuest also issued seven-year warrants to purchase 7.5 million shares of the company's common stock, and converted $2.8 million of vendor indebtedness into common stock, raising the total of SyQuest's debt-to-equity conversions in the past year to $28.5 million.