Harris & Harris completes rights offering

July 30, 2002 — Harris & Harris Group Inc., a publicly traded venture capital company that invests in nanotechnology, microsystems and MEMS, announced that its rights offering, closed July 26, resulted in 2,634,614 shares of common stock subscribed. In addition to the 8,864,231 shares outstanding, there would be 11,498,845 common shares if all the shares subscribed to in the rights offering are issued.

Harris & Harris did not use an underwriter or sales agent for the offering. “Given that the stock market completely collapsed and that there was nobody out there selling it, it was a pretty strong endorsement,” said Chief Executive Charles Harris. “If there’s an appetite to invest in tiny technologies in a market like that, it tells us it’s a pretty strong current.”

The rights entitled existing shareholders to purchase one share of common stock at $2.25 for each three shares they owned on June 28. Alternatively, shareholders could sell their rights, which traded from July 1 to July 26 under the symbol TINYR.


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