CARSON, Calif. U.S. Auto Parts Network has entered into a common stock purchase agreement with William Blair & Co., pursuant to which U.S. Auto Parts has agreed to sell up to 2,050,000 shares of its common stock at a purchase price per share of $1.09, for aggregate proceeds to the company of approximately $2.2 million, subject to the satisfaction of customary closing conditions. The transaction is expected to close on or before April 3, 2013.
U.S. Auto Parts will use the net proceeds from the transaction to reduce its revolving borrowings (without any permanent reduction in the related loan commitments) under its credit agreement with JPMorgan Chase Bank, N.A.