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J.C. Penney looking to raise some $800 million from offering
Plano, Texas – Shares of J.C. Penney Company took a beating on Friday after the retailer priced its $932 million share sale at a 7.4% discount and detailed its shrinking cash position.
Penney priced its sale of 84 million shares at $9.65, down from a closing price of $10.42 on Thursday.
The new offering should raise more than $800 million. According to Reuters, J.C. Penney, which is valued at $2.6 billion, had been considering issuing new stock shares as well as other unspecified alternatives.
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Single Touch reports accelerated mobile messaging volume growth
Single Touch Systems, a technology based mobile media solutions provider, has announced that its mobile messaging volume, which is a key business metric that drives revenues, has been growing at an increasingly accelerated pace.
Single Touch generates a portion of its operating business revenues by sending SMS text messages including reminder messages to customers of some of the largest retailers in the U.S. and U.K. Each message sent generates incremental revenues for Single Touch.