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US-based tech company Pivotal Systems Corporation has been advised on the raising of $13 million under a preferred stock financing facility.
Firm: Maddocks (Pivotal Systems).
Area: Corporate.
Value: $13 million.
Key players: The Maddocks team on the matter was partner Catherine Merity and special counsel Rosa Sayer.
Deal significance: According to the firm, the preferred stock financing facility structure “provides an alternative to traditional debt or equity funding, providing more flexibility for growth stage companies which may have inconsistent revenue streams”.
“The preferred stock is not convertible into ordinary equity and therefore does not dilute existing shareholders and does not contain financial covenants thereby providing more flexibility than customary debt financing,” it added.
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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