Loss-making database developer Borland has received a $25 million cash injection following a rights issue, but may still be forced to undertake a similar exercise again.
The cash was raised through the sale of a newly created class of Series B convertible preferred stock. It issued 495 series B shares and warrants to purchase up to 198,000 shares of its common stock.
But Borland admitted that it may go for a second round of financing for up to an additional $25 million.
Delbert Yocam, Borland CEO chairman and CEO, said: ?This capital enables Borland to invest in developing and acquiring new technology.?
Borland posted larger than expected net losses for its Q4, ended 31 March.
Sales halved to $37.2 million from $70.5 million, while net losses were $42.5 million, compared with profits of $7 million the same time last year. Year-end revenues fell to $151.4 million from $245.1 million, while net losses amounted to $107.4 million, compared with $14.7 million profit last year.
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