Thursday, Sept. 12, 2002 | 11:08 a.m.
Innovative Gaming Corp. of America recently completed a private placement of $2 million of convertible promissory notes. About $1 million of the proceeds from the financing has been used to reduce debt and the balance will be allocated to working capital, the Las Vegas-based company said.
Also, the company's previously announced 1-for-10 reverse stock split was effective at the close of business Monday.
The reverse split, the company's improving operations and new products and features due this year will help the company regain compliance with Nasdaq rules, Chief Executive Laus Adbo said.
Innovative, which had traded for pennies a share before the reverse split, now trades at above $1.50. The financially troubled company faces delisting by Nasdaq and recently hired more outside members to its board of directors to come into compliance with Nasdaq rules.
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