Tera raises additional moneySeattle 02 Feb 00The private placement consists of approximately 5.2 million shares of common stock, priced at $5.00 per share, which was based on a discount to the January 27th closing bid market price of $6.375. The stock was placed with a group of institutional investors; no warrants or options were issued in conjunction with the transaction. Jim Rottsolk, Tera president and chief executive officer, said, "We are gratified by the investment community's confidence in Tera, and are pleased to note that Tera's cost of capital has been reduced substantially as no equity-kicker inducements were included with this financing. Most importantly, a strongly capitalized Tera can now focus on moving aggressively forward with commercial production of our breakthrough high performance computer technology. "The company is making excellent progress," Rottsolk added, "and is concentrating on the immediate tasks at hand -- installing the MTA-16 at the San Diego Supercomputer Center, continuing the conversion of MTA components to CMOS technology, and completing the porting, or adaptation of, popular high performance industrial software applications to the MTA platform. With these, we will have an unrivaled supercomputer that will meet the demands of industrial and other customers."
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