Bookrunner JMP Securities helps fund general working capital purposes
By Devika Patel
Knoxville, Tenn., Aug. 1 – MeetMe, Inc. said the underwriters for its initial public sale of stock opted to exercise the deal’s $1.5 million greenshoe in full, lifting total proceeds to $11.5 million. The deal was announced July 22 and priced for $10 million with the greenshoe on July 23.
The company sold 5.75 million common shares at $2.00 per share. The price per share is a 13.42% discount to the July 22 closing share price of $2.31. Of the shares, 750,000 were part of the fully exercised greenshoe.
JMP Securities is the bookrunning manager.
Proceeds will be used for general working capital purposes.
The social network is based in New Hope, Pa.
| Issuer: | MeetMe, Inc.
|
| Issue: | Common stock
|
| Amount: | $11.5 million (including $1.5 million greenshoe)
|
| Shares: | 5.75 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Bookrunner: | JMP Securities
|
| Co-managers: | Northland Capital Markets and Janney Montgomery Scott LLC
|
| Announcement date: | July 22
|
| Pricing date: | July 23
|
| Settlement date: | Aug. 1
|
| Stock symbol: | Nasdaq: MEET
|
| Stock price: | $2.31 at close July 22
|
| Market capitalization: | $85.34 million
|
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