Identive Group, a provider of products, services and solutions for the security, identification and RFID industries, has entered into subscription agreements for the private placement of up to 4,097,624 shares of its common stock to accredited and other qualified investors in the U.S. and internationally. The anticipated gross proceeds will be approximately $10.35 million.
"We are pleased that our vision of building the signature company in secure ID is receiving more traction with the financial community. We remain firm in our philosophy to pursue growth opportunities that are accretive to our shareholders, whether we are paying in cash or shares. It was very important for us to raise additional cash at terms attractive to Identive and to Identive shareholders," said Ayman Ashour, Chairman and CEO of Identive Group.
"The ID management and RFID markets in general are experiencing strong growth, and our industry remains highly fragmented, which creates the opportunity for consolidation while we continue our strong organic growth," Ashour said.