Dutchess Opportunity Fund has agreed to buy common stock from ATTUNE RTD, Inc. (AURT), committing up to $5 million. The Investment Agreement between these two companies, which was announced on Tuesday, covers a period of 36 months subject to AURT's discretion.
According to AURT's Chairman, Shawn Davis, "This arrangement provides us with the ability to access capital as we need it, and at share prices that reflect our progress as we improve our core business and look to complete strategic business acquisitions to increase cash earnings that are accretive to the bottom line." Likewise, Dutchess is also "excited" to be working with ATTUNE.
The agreement also stipulated that AURT is not required to sell the entire $5 million, is not restricted as to the use of the proceeds of the sale, may terminate the agreement without additional cost or penalty, and offers no warrants in connection with the sale.
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