Bertea Corp.
| Company Deal | Bertea Corporation: 320,000 shares common stock |
|---|---|
| Transaction Type | Common Stock |
| Deal Description | Bertea Corporation offered 200,000 of the shares in this deal to the underwriters, and 120,000 shares were sold by the selling stockholders. No portion of the proceeds from sale of shares acquired from the selling stockholders was received by the company. The group of selling stockholders consisted of Richard Bertea and Jeanette Bertea Pagano. Of the net proceeds from the sale of shares sold by the company, a portion was used to repay the outstanding short-term borrowings incurred principally to finance additional inventory and accounts receivable. No specific allocation of the balance of the proceeds was made at the time of the deal. The company expected to add such proceeds to general corporate funds for use as working capital and for other corporate purposes. |