Little Rock based Inuvo Inc. on Thursday (April 2) announced the completed sale of an additional 1,400,285 shares of its common stock at a price of $0.175 per share to purchasers which will close out its previously announced registered direct offering.
The company raised $245,050 of gross proceeds in this final closing of the offering which was conducted without an underwriter or placement agent. The sales are in addition to the 3,115,000 shares sold in the first closing of the offering on March 27, which generated $545,125, bringing the total gross proceeds raised in this offering to approximately $790,175.
Inuvo plans to use the net proceeds from the offering for working capital. As of late 2019, Inuvo had about 60 employees at its headquarters in Little Rock’s River Market district. The company is involved in artificial intelligence, primarily aligning and delivering consumer-oriented product & brand messaging strategies online.
The thinly-traded shares (NYSE American: INUV) closed Thursday at $0.199, down $0.029 cents. The share price has peaked at $1.75 in the past 52 months.