Automatix Inc, troubled Billerica, Massachusetts robotics manufacturer, has closed an equity financing with a group of investors led by ABS Ventures which provided $4m in new cash in return for 4m units valued at $1 per unit. Each unit consists of one share of unregistered Automatix stock plus a five-year warrant to buy an additional share at $1.25. The company also announced a permanent resolution of the agreement with Morgan Guaranty Trust Co under which Morgan has released its security interest in the company’s inventory, cash and receivables and Automatix is no longer subject to any financial covenants or reporting obligations to Morgan Guaranty. The $150,000 per quarter purchase of bonds by the company has also been eliminated.
