$9 million investment from IAM Advisory, a Bermuda-based fund company.

Under the agreement, IAM Advisory will receive 2.7 million shares of the company's common stock and warrants exercisable at $3.704 a share.

New York-based Signal Apparel, which makes clothing and accessories, said the investment would give IAM a stake of more than 20 percent. It didn't elaborate.

Signal Apparel's shares closed on Friday at 6 1/4, unchanged.