Investors buy $7 million worth of AutoMD’s equity

autoMD AutoMD disclosed placing 78% of its $9 million non-brokered equity issuance. Based on the filing, four investors started to subscribe to the $7 million first close almost two weeks ago. Based on the offering’s structure, the company has until October 2015 to raise an extra $2 million. It appears to be the first time the company is filling a security offering under a registration exemption.

AutoMD markets and develops a free unbiased online automotive repair resource. Users can get instant quotes from local car repair shops, access do-it-yourself material as well as a community. The company is backed by US Auto Parts Network, Federal-Mogul Motorparts, and Cox Automotive.

The company is headquartered in Carson CA. AutoMD elected to keep its revenues undisclosed.
The executive team includes Bryan P Stevenson and Tracey Virtue.
The board of directors includes Fredric W Harman, Joshua L Berman, Robert J Majteles and Sol Khazani.

Offering recap
Status: First close
Company: AutoMD
Industry: Other
Amount offered: $9 million
Amount placed: $7 million
First sale: 10-08-2014
Data as of: 10-20-2014

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