Deal includes five-year warrants for 5.25 million shares
By Toni Weeks
San Diego, May 16 - KIT Digital, Inc. said it is planning a registered direct offering of stock to raise $29.19 million.
The company will sell 7 million shares of common stock and warrants to purchase 5.25 million shares. The share price of $4.17 is equal to the closing share price on May 15.
The warrants are exercisable at $5.00 each for five years. The strike price is a 19.9% premium to the May 15 closing share price.
The agreement was negotiated on Tuesday. Settlement is expected May 16.
New York-based KIT Digital is a provider of end-to-end video management software and related services.
| Issuer: | KIT Digital, Inc.
|
| Issue: | Common stock
|
| Amount: | $29.19 million
|
| Shares: | 7 million
|
| Price: | $4.17
|
| Warrants: | For 5.25 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.00
|
| Pricing date: | May 15
|
| Settlement date: | May 16
|
| Stock symbol: | Nasdaq: KITD
|
| Stock price: | $4.17 at close May 15
|
| Market capitalization: | $187.85 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
