Game Developer Bam's Future Murky; Plans $1.78 Million Stock Sale

Authored by Mark Hefflinger on September 30, 2003 - 9:34am.

San Jose, Calif. -- Bam Entertainment, a developer and publisher of video games based on children's TV properties including "Wallace & Gromit," "The Powerpuff Girls" and "Dexter's Laboratory," on Tuesday saw its stock price drop after its auditors gave doubts as to the company's ability to continue operating to due heavy losses and a shortage of cash. Separately, San Jose, Calif.-based Bam said it plans to raise $1.78 million in a private offering of its shares to institutional and accredited investors. The company said it would sell 1,850,000 shares of its common stock at $0.96 per share, and warrants to purchase another 1,665,000 shares with a five-year term exercisable at $1.87 per share.
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