LOS ANGELES Operators of the uWink techno-entertainment dining concept have raised $10.4 million in equity financing to fund new restaurant development and other capital needs.
Company officials hoped to raise up to $15 million in the offering, which was announced earlier this year. Investors purchased about 5.2 million units of common stock and warrants to purchase stock. Net proceeds are expected to be about $9.3 million after agent fees and offering expenses.
UWink is a casual-dining brand featuring computer terminals at each table that allow guests to order, play interactive games and pay using touch-screen technology and in-house developed software.
Created by Nolan Bushnell, the founder of Atari Corp. and Chuck E. CheeseÕs, uWink Inc. currently operates one unit in Woodland Hills, Calif. The company plans to open two more corporate units in the Los Angeles area, as well as units in Mountain View, Calif., and in Dallas.
Area developer OCC Partners LLC signed an agreement for up to three uWink franchise units in the Miami area over the next four years. UWink also plans to develop the concept in Canada in a joint venture with technology specialist Jefferson Partners.
Merriman Curhan Ford & Co. acted as lead placement agent and Security Research Associates Inc. acted as co-placement agent in the offering.