Local.com is $13 million richer, but the money was not so much a gift as a payment - Local.com sold about 2.4 million shares of its stock to two investors. And those investors bought the shares at $5.50 apiece, even though the stock’s current price has only ranged between $5.70 and $7.60 over the past few days.
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I am not, of course, implying that anything illegal occurred here -
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Local.com Sells Stock For Financing
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