San Francisco
– Betawave, the San Francisco-based developer of an online ad network reaching
about 39 million unique visitors a month, said on Friday that it has raised the
first $2.4 million of an anticipated $3 million private placement.

Under the
deal, the company sold promissory notes to accredited investors, and has until
May 10 to raise the remaining $600,000.

In addition, the company also has
completed a 5-for-1 reverse stock split, and will no longer file reports with
the SEC, since it has fewer than 300 shareholders.

As a result, Betawave’s
stock has switched from the Over-the-Counter Bulletin Board to the Pink Sheets,
where it is trading under the symbol "BWAVD."


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