TheStreet.com (Nasdaq: TSCM) rose 1 1/32 to 6 1/16 Tuesday after the online financial news company said it received a $7.5 million investment from Go2Net (Nasdaq: GNET) and Vulcan Ventures.
TheStreet.com said it licensed Go2Net’s message board technology, which it will make available to the 109,000 subscribers in its RealMoney.com service. Users of TheStreet.com’s free main site will also have access to new message boards.
Vulcan and Go2Net together will purchase about 5 percent of TheStreet.com’s outstanding stock, along with options to purchase an additional 7.45 percent over the next six months at “a substantial premium” to Monday’s closing price.
Chief executive officer Thomas J. Clarke said the investment is “a vote of confidence” in the Street.com’s financial strength, brand and business model.
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