The Tampa firm does not have enough capital to fund 2011 operations.
Bella Patrella's Holdings Inc., a Tampa-based pasta sauce manufacturer, wants to sell 3 million shares of its common stock to raise capital for 2011 operations.
At a price of $0.50 per share, BPH hopes to raise $1.3 million from the sale after underwriting expenses.
The company was direct in its filing with the Securities and Exchange Commission: “We do not have sufficient capital to fund our plan of operations through 2011 without additional debt or equity funding,” the filing reads.
In addition to the 3 million shares being offered by BPH, the Sept. 1 SEC filing says another 6 million shares — half of which are owned by one company, JVW Entertainment Inc. — could soon change hands.
Kodiak Capital Group, LLC, a New York-based equity firm, would be the buyer of the 6 million shares offered by BPH and JVW if a deal is completed. The transactions would give Kodiak control of roughly 40% of the Tampa firm.