Martin Lawrence Raises $2 Million in Stock Sale

Martin Lawrence Limited Editions Inc., a Van Nuys art publisher and operator of art galleries, said it raised $2 million from a private placement of preferred stock.

The purchase price for the preferred stock, which is convertible to common stock, is $10 per share. Martin Lawrence said it would continue selling the stock for another 90 days to raise up to $5.175 million.

The company said the funds are being raised to increase its publishing activities, purchase new inventory, and expand marketing and sales efforts. The money will also be used to open new galleries, remodel existing galleries, make lease payments and for working capital, it said.