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Loudeye to Raise $8.25 Million in Stock Offering

Authored by Mark Hefflinger on February 24, 2006 - 11:08am.
Seattle - Loudeye Technologies, a provider of branded digital music stores and other digital media services, announced this week that it plans to raise $8.25 million through a secondary stock offering. The company will use the proceeds for working capital and general corporate purposes. Seattle-based Loudeye laid off an undisclosed number of staff earlier this month, as part of a plan to cut costs by $2.5 million per quarter. The company also said its shares are in danger of being delisted by the Nasdaq, for failing to maintain the $1 minimum listing requirement for 30 consecutive days.
tags: Loudeye | Raise | Offer | Stock | $8.25 Million |