Trinad Capital Master Fund and Guber Family Trust are investors
By Devika Patel
Knoxville, Tenn., April 18 - Mandalay Digital Group, Inc. negotiated a $1 million private placement of stock with Trinad Capital Master Fund, Ltd. and the Guber Family Trust on April 11, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 1,428,572 common shares at $0.70 per share. The price per share is a 21.35% discount to $0.89, the April 10 closing share price.
Trinad and the Guber Family Trust will also receive warrants for 357,142 shares, which are each exercisable at $0.70 for five years. The strike price also reflects a 21.35% discount to the April 10 closing share price.
Mandalay, based in Los Angeles, delivers a mobile services platform that works with mobile operators and third-party publishers to provide portal management, user interface, content development and billing technology that enables the responsible distribution of mobile entertainment.
Issuer: | Mandalay Digital Group, Inc.
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Issue: | Common stock
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Amount: | $1 million
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Shares: | 1,428,572
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Price: | $0.70
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Warrants: | For 357,142 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.70
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Investors: | Trinad Capital Master Fund, Ltd. and the Guber Family Trust
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Pricing date: | April 11
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Stock symbol: | OTCBB: MNDLD
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Stock price: | $0.89 at close April 11
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Market capitalization: | $79.56 million
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