Verticalnet Sells Stock To Fund Software Development And MoreVerticalnet Sells Stock To Fund Software Development And More

Verticalnet Inc. said it has sold 3,323,855 shares of common stock for $2.02 per share.

The Malvern, Pa.-based sourcing and supply-management software company said gross proceeds were roughly $6.7 million, or $6.2 million net of expenses. Several institutional investors also received warrants to purchase 830,964 shares of common stock at $3.72 per share.

The funds will be used for general corporate and strategic purposes, including but not limited to acquisitions, joint ventures, software-development arrangements, or other similar transactions.

Verticalnet also has agreements to sell an additional $1 million of common stock at $2.02 and issue warrants to purchase an additional 118,684 shares at $3.72.

Verticalnet in late 2002 was on the brink of becoming a failed dot.com statistic, noted a company spokesperson.