Financial thoughts

PokerTek Inc., a Matthews maker of electronic gaming tables, has signed a $5 million stock-purchase agreement with Lincoln Park Capital Funds to provide funding for the company over the next 30 months.

Lincoln Park, a Chicago-based asset-management firm, bought 100,000 shares of stock for $100,000 on signing the purchase agreement Thursday. PokerTek has the right under the agreement to sell Lincoln Park $50,000 worth of stock every two days for the next 30 months. The sale will be based on prevailing stock prices — based on the lowest three closing prices in the 12 days preceding the sale.

Lincoln Park also received 137,500 shares of common stock as a consideration for entering into the agreement. Lincoln Park will be issued up to 180,000 more shares of stock if it buys additional stock.

PokerTek controls the amount and timing of future sales. It does not have to sell any additional stock Lincoln Park.

PokerTek (NASDAQ:PTEK) markets electronic tables for up to 10 players of Texas Hold ’Em.

The company’s PokerPro system deals cards, displays them on private screens to the players and provides general information on a large screen in the center of the table. It also enables customers to set up accounts for betting and keeps statistical information on the games.

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