Venture Fund Boosts Stake in Initials+ to 56%
From States News Service
A venture capital fund based in Boston has increased its stake in San Francisco-based Initials+ Inc. to 56%, according to a filing with the Securities and Exchange Commission.
John Hancock Venture Capital Fund L.P. II acquired 122,767 of the company’s series C shares on May 9. The stock is convertible into 982,136 common shares.
The fund previously acquired 400,000 series A shares, which are convertible into about 1.9 million of Initials’ common shares, according to the filing.
John Hancock and other holders of series A and convertible preferred stock have the right to nominate three directors to Initials’ board of directors.
