Smith Micro Raises $5.5M In Private Placement

Aliso Viejo-based software maker Smith Micro Software, which is publicly traded on the NASDAQ as SMSI, says it has raised $5.5M in a private placement. The investors in the private placement wre not announced. Smith Micro said the it issued 5,500 shares of a newly designated, Series B 10% convertible preferred stock at $1,000 per share in the funding. The company explained that the Series B Preferred Stock is convertible into the Company's Common Stock at a conversion price of $1.14 per share, or approximately 4,824,000 shares.