The company also announced that veteran corporate finance manager Don Raper has joined the company as senior vice president of finance – capital markets.
The money raised from the stock offering will be used to fund immediate expenses and “help us improve the terms and speed at which we can refinance our existing credit facility,” CEO Scott Boruff said in a prepared statement.
Tennessee is the 18th best state for business in 2011, according to CNBC’s annual rankings. That’s down two spots from the 2010 list.
Virginia captured the top spot for the second straight year.
CNBC’s study considers 10 categories: Cost of Doing Business, Workforce, Quality of Life, Economy, Transportation & Infrastructure, Technology & Innovation, Education, Business Friendliness, Access to Capital and Cost of Living.
Minority- and women-owned businesses looking for capital can learn more about the state’s TNInvestco program at a seminar in Nashville on Monday. The Tennessee Department of Economic and Community Development will host a seminar and networking reception at 6 p.m. at the Entrepreneur Center.
A panel of venture capitalists will discuss the program, which was created in 2009 by the General Assembly. Its purpose is to provide increased capital to early-stage companies.
Seating is limited. RSVP to firstname.lastname@example.org.
Money has been tight in recent years, but Knoxville-based TrakLok Corp. scored big this week when Innova, a Memphis venture capital group, said it would invest in the developer of a security device for shipping containers.
Innova is providing “about 25 percent of the capital we’re looking for in this round,” said TrakLok CEO Eric Dobson. In return, Innova gets an equity stake in the Knoxville start-up.
Innova is a participant in TNInvestco, a state program designed to bring new capital to Tennessee and provide seed money for early stage companies based here.