MDI Inc., a San Antonio firm that develops integrated systems for access control, alarm management and video surveillance, has locked down $4 million in investments. The investment comes from the sale of 2.9 million shares of the company's stock for $1.40 a share.
According to MDI, the funding will be used for enhancing the existing product lines, expanding sales, global marketing and R&D for new products.
As part of the investment agreement the company will be giving those private institutions warrants for purchasing a total of 1.45 million share of the common stock using a strike price of $3.14 per share.