NetGuru Stock Sale to 2 Investors: $12 Million

NetGuru Inc., a Yorba Linda developer and distributor of information technology services and software, said Thursday that it has sold $12 million in preferred stock and warrants to two private investors.

The company said it placed the securities, which can be converted into shares of common stock, with Elliott Associates LP in New York and another investor, whose name is undisclosed but is under common management with Elliott Associates.

Under the terms of the agreement, the investors have also been granted an option to purchase up to $6 million of NetGuru common stock at a price based on a predetermined formula.