Fleetwood Enterprises Inc. successfully raised $20 million as a result of the private placement of 2.2 million restricted common stock shares with Acqua Wellington Private Placement Fund Ltd.
The $20 million will be used by Fleetwood “for general corporate purposes,” the company reported today (Oct. 26).
Because the 2.2 million shares are not registered under the Securities Act of 1933, they cannot be sold in the U.S. However, Fleetwood has agreed to register the shares for resale.
Acqua Wellington Asset Management Ltd. advises a family of funds targeted at investment opportunities among mid-cap and small-cap companies in domestic and global equity markets.
Fleetwood recently informed the financial community that it will report its sixth consecutive quarterly loss during its second fiscal quarter, which will end Sunday (Oct. 28).
The RV and manufactured home builder lost $11.1 million during its first fiscal quarter, whiich ended July 29, and it lost $284 million during its fiscal year 2001, which ended on April 29. However, a significant portion of the fiscal 2001 loss was in the form of one-time-only non-cash items.