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Saturday, Jul 2, 2022

Spiral Toys Gets Institutional Backing

Entertainment technology company Spiral Toys Inc. on Wednesday announced it was receiving $1.18 million in financing from institutional investors. The Agoura Hills company will conduct two sales of convertible debentures for $625,000 and $550,000 respectively. The closure on the first sale was expected Wednesday. A convertible debenture is a type of loan issued by a company that can be converted into stock by the holder and, under certain circumstances, the issuer of the bond. Spiral Toys makes products that are linked by mobile-connected wireless technology, including CloudPets, which are plush toys that can be programmed to deliver messages and songs. They are sold at Walmart, Target and Toys R Us stores. Another product is Vinyl, digital stickers that can be programmed to display photos, videos and messages. Spiral Toys had revenue of $6 million in 2015, compared to $269,000 in the prior year. Shares on Wednesday closed down 1 cents or 2 percent, to 28 cents in over-the-counter trading.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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