By Sheri Kasprzak
New York, Dec. 18 - Youbet.com, Inc. secured $20.15 million from a direct placement of its stock.
The company sold 6.2 million shares at $3.25 apiece. The price per share is an 8.7% discount to the company's $3.56 closing stock price on Dec. 13.
The deal is set to close Wednesday.
The shares will be sold under the company's shelf registration.
Proceeds will be used to repay $10.2 million of promissory notes issued as part of the company's acquisition of United Tote in February. The rest will be used for general corporate purposes.
ThinkEquity Partners LLC was the placement agent.
Youbet, based in Woodland Hills, Calif., provides internet and telephone platform technologies for wagering on horse races.
| Issuer: | Youbet.com, Inc.
|
| Issue: | Stock
|
| Amount: | $20.15 million
|
| Shares: | 6.2 million
|
| Price: | $3.25
|
| Warrants: | No
|
| Placement agent: | ThinkEquity Partners LLC
|
| Announcement date: | Dec. 18
|
| Settlement date: | Dec. 20
|
| Stock symbol: | Nasdaq: UBET
|
| Stock price: | $3.48 at close Dec. 15
|
© 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.
