Company sells 6.25 million common shares on best efforts basis in deal
By Devika Patel
Knoxville, Tenn., April 4 - Engage Mobility, Inc. priced a $12.5 million public offering of stock, according to a prospectus filed Friday with the Securities and Exchange Commission. The deal will be conducted on a self-underwritten, best efforts basis.
The company will sell 6.25 million common shares at $2.00 per share, a 48.72% discount to the April 3 closing share price of $3.90.
Proceeds will be used for the launch of a mobile app and AR platform, hiring a sales team, the launch of nationwide independent rep network, the launch of trade show and seminar sales program, hiring telesales personnel, marketing, investor relations, development, acquisitions and working capital.
The Orlando, Fla., company provides online video production, distribution, syndication and marketing services for business owners.
| Issuer: | Engage Mobility, Inc.
|
| Issue: | Common shares
|
| Amount: | $12.5 million
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| Shares: | 6.25 million
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| Price: | $2.00
|
| Warrants: | No
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| Pricing date: | April 4
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| Stock symbol: | OTCBB: ENGA
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| Stock price: | $3.90 at close April 3
|
| Market capitalization: | $81.27 million
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