Vimicro International Corp., a Chinese video surveillance vendor, has closed its premium private placement funding with Alpha Spring Ltd.Chinese video surveillance company closed private placement funding, raising $50 million from Alpha Spring Limited., part of the Zongyi Group.
As part of the funding agreement, Vimicro will issue 20 million ordinary shares of common stock to Alpha at a price of $2.50 per share. The total investment will amount to about $50 million. Under the agreement, Alpha Spring is subject to a one-year lock-up period.
Vimicro said it will use the funding for market expansion and strategy execution, including the expansion of SVAC technology as the national standard for video surveillance by the Chinese government.
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