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Odetics Raises $3 Million

Odetics Raises $3 Million

Anaheim-based Odetics Inc. has raised $3 million in a private placement.

The developer of broadcast automation, traffic management and other products sold 2.5 million shares to Special Situations Funds of New York. Odetics also issued warrants to Special Situations to buy up to 2.5 million extra shares. If the warrants are exercised, Odetics’ total raised would be $7.1 million.

The company plans to use the money for working capital, said Chief Executive Greg Miner.

In May, Odetics sold its headquarters building to an investment group for $22.6 million and leased back the property for 10 years. Odetics used part of the sale proceeds to pay down debt.

Newport Beach-based Roth Capital Partners LLC represented Odetics in the placement deal. Special Situations was set to be the lead investor in a $12 million private placement in Santa Ana-based Starbase Corp. But the fund was one of five investors to pull out of the deal earlier this month, in part because the company loaned money to one of its directors.

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