Late filer Qnect disclosed selling 32% of its non-brokered mezzanine financing. The company launched a $1 million investment round subscribed so far by seven investors. The subscription which raised $323,000 started almost six months ago. The offering will remain open until December 2014 while an additional $677,000 worth of securities is sold to investors. The mezzanine offering’s estimated net proceeds will amount to $700,000 which excludes $300,000 to be paid toward officers’ salaries. Unregistered securities don’t appear to have been previously sold by the company.
The company develops and markets an application called “QuickQnect” designed for the structural steel industry to speed up structural steel 3D modeling. The software determines the type of connection needed between two steel joints, engineers the connection and connects the joint.
Jeffrey Sharp (CEO) leads the Hadley MA based company which was registered in 2013. Revenues were not reported.
The executive team includes Henry Lederman and Jeffrey Hausthor.
Status: First close
Industry: Other Technology
Amount offered: $1 million
Amount placed: $323,000
First sale: 12-04-2013
Data as of: 05-12-2014