Woodbury, NY--Investors have supplied light-control-film maker Research Frontiers with $1,475,000 in new capital. The funds come close on the heels of $3,325,000 the company received earlier in the year.
Research Frontiers is the developer and licensor of "SPD-Smart" light-control-film technology. The optical transmission of the films can be electrically varied from clear to opaque with not time lag, based on the company's suspended-particle-device (SPD) technology. The films are rugged and can be sandwiched within glass to make windows for buildings, cars, boats, and aircraft. Other uses include displays and optical filters.
The investors received 295,000 shares of Research Frontiers common stock at a price of $5.00 per share, which was the closing market price of Research Frontiers stock on November 26, 2010, the day the transaction was priced. In addition, the investors in this stock offering received 59,000 five-year warrants to purchase Research Frontiers common stock at a price of $6.75 per share. These securities were sold pursuant to Research Frontiers' effective shelf-registration statement filed with the SEC.
Joseph M. Harary, president and CEO of Research Frontiers, noted that, since the last infusion of capital, the company has added people to the team involved with developing the SPD-Smart industry, and the additional funds will help continue the pace of development.
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