24/7 Receives Equity Infusion

NEW YORK 24/7 Real Media, which three weeks ago received a delisting notice from Nasdaq, yesterday secured an investment of $3.8 million in the form of Series C-1 nonvoting convertible preferred stock.

With the new round of funding and last month’s retirement of $7.5 million in debt held by Publigroupe USA, the New York-based advertising and technology company is now debt-free and has an additional $5.8 million in cash, said 24/7 chief executive David J. Moore.

The equity infusion comes two weeks after 24/7 raised $3.4 million in funding from the sale of preferred stock to several investment funds and individual accredited investors, including Moore and other company executives.

Last month, 24/7 appealed a Nasdaq ruling that the company’s stock was subject to delisting from the SmallCap Market because it did not comply with the $1 minimum bid price requirement for continued listing [IQ Daily Briefing, May 21]. Since then, the company’s shares [TSFM] have climbed from 39 cents to $1.02 today. The stock’s 52-week high is $1.30 and 52-week low is 14 cents.