Funds to fortify balance sheet, repay debt; Canaccord Genuity assists
By Devika Patel
Knoxville, Tenn., Sept. 15 - KIT digital, Inc. said it priced a $30.4 million public sale of stock with a $4.56 million greenshoe. The deal was announced Wednesday.
The company will sell 3.2 million common shares at $9.50 apiece. The price per share is a 10.55% discount to the Sept. 14 closing share price of $10.62.
Canaccord Genuity Inc. is the sole bookrunner; Allen & Co. LLC is co-lead manager, and Roth Capital Partners and Janney Montgomery Scott are co-managers.
Settlement is expected Sept. 20.
The company will use the proceeds to fortify its balance sheet and repay debt.
Based in New York, KIT digital provides end-to-end video management software and related services.
| Issuer: | KIT digital, Inc.
|
| Issue: | Common shares
|
| Amount: | $30.4 million
|
| Greenshoe: | $4.56 million
|
| Shares: | 3.2 million
|
| Price: | $9.50
|
| Warrants: | No
|
| Bookrunner: | Canaccord Genuity Inc.
|
| Announcement date: | Sept. 14
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 20
|
| Stock symbol: | Nasdaq: KITD
|
| Stock price: | $10.62 at close Sept. 14
|
| Market capitalization: | $411.1 million
|
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