Online transaction systems developer The Ashton Technology Group Inc. of Philadelphia raised $20 million through the sale of 20,000 shares of its series F convertible preferred stock and warrants to purchase 200,000 shares of common stock, according to a filing with the Securities and Exchange Commission.
RGC International Investors LDC purchased the securities last month.
The preferred shares are convertible into common at a price of 110% of the average closing price.
The warrants are exercisable at 125% of the common shares closing price, or $12.26 per share.
Proceeds will be used for the development of its trading systems for use by its subsidiaries eMC and NextExchange.
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