SAN FRANCISCO -- Ironridge Global Partners
LLC said it has concluded its $1 million equity investment in AVT Inc., a Corona, CA-based developer of automated retailing systems.
The two companies entered into the deal on July 2, 2013, when Ironridge settled $1.03 million on AVT's debt in exchange for unregistered shares of common stock. The strategy behind the agreement is to accelerate revenue by increasing the number of AVT vending machines in the marketplace.
Since then, AVT's stock reportedly doubled in price to $5 per share on Jan. 8, when the transaction closed. Ironridge Global continues to be a common stockholder of the company.