Aspen Group Inc. (OTCQB: ASPU)
Market Cap: $45,140,344
Outstanding Shares: 7,036,410
Aspen Group, Inc. Announces Closing of $7.5 Million Equity Financing
Aspen Group, Inc. (OTCQB:ASPU), a postsecondary education company, announced today the closing of a $7.5 million common stock private placement to institutional and accredited investors.
New and existing shareholders participating in the offering included Kinderhook Partners, Alvin Fund, Goudy Park Capital, Unterberg Capital, P.A.W. Capital Partners, Director Malcolm F. MacLean IV, among others.
The company intends to utilize the proceeds for working capital purposes, to repay all its existing long-term outstanding debt including the retirement of its $3 million revolving credit line, and to complete the acquisition of a regionally accredited for-profit university assuming it is consummated.
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Source: Uptick Newswire