Mcglen Announces $24-Million Stock Deal

Mcglen Internet Group Inc., a Tustin e-commerce Internet company, said Wednesday that it has sold $24 million in stock in a private placement.

The company said in a press release that an institutional investor has committed to buying the shares over the next 12 months. It did not disclose the name of the investor.

Proceeds from the financing will be used to support the development of the company’s business-to-business and electronic storefronts.