April 13, 2010 (FinancialWire) — eDiets.com, Inc. (NASDAQ: DIET) said that it has completed a registered direct offering to institutional investors for an aggregate of 5.275 million shares. The shares were priced at $1 per share, resulting in total net proceeds of around $4.7 million.

The company said it plans to use the proceeds from the registered direct offering for general corporate purposes, including working capital to fund future growth opportunities, such as the expansion of advertising related to its fresh-prepared meal delivery service.  

All of the shares of common stock were offered by eDiets.com.

According to the company, completion of the offering is the first in a series of transactions that are expected to provide eDiets with around $5.2 million of new equity funding and convert all of its outstanding debt to equity.  

Florida-based eDiets.com is a provider of personalized nutrition, fitness and weight-loss programs.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

[hlmsmlh] [wllnsshlthftnss] [fnncngj] [ffddbvrg]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.