Nolan Bushnell's interactive restaurant company gained $10.4 million in equity investments.
uWink, a restaurant chain by Atari founder Nolan Bushnell with a focus on digital media entertainment, announced today that it has completed a $10.4 million equity financing to fund new restaurant development.
Investors purchased approximately 5.2 million units at $2.00 per share. Each unit consists of one share of common stock and a five-year warrant to purchase one share of uWink's common stock for $2.40. The proceeds are expected to be approximately $9.3 million after deducting consulting fees and offering expenses. Merriman Curhan Ford & Co. acted as lead placement agent and Security Research Associates, Inc. acted as co-consultant in this offering.
"This financing marks an important inflection point in the growth of our company, highlighting market acceptance of our concept and technology while providing us with the capital to allow us to execute on our growth plans," said Nolan Bushnell, Chairman and Chief Executive Officer of uWink.