Deal sells series E convertible preferreds to C Media through Chardan
By Devika Patel
Knoxville, Tenn., Feb. 6 - YOU On Demand Holdings, Inc. settled a $25 million private placement of 4% series E convertible preferred stock on Jan. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 14,285,714 preferreds at $1.75 apiece. The preferreds are convertible into common shares at $1.75 per share, which is a 42.24% discount to the Jan. 30 closing share price of $3.03.
Chardan Capital Markets LLC was the agent, and C Media Ltd. was among the investors.
The New York-based company is a national pay-per-view and video-on-demand platform in China.
| Issuer: | YOU On Demand Holdings, Inc.
|
| Issue: | Series E convertible preferred stock
|
| Amount: | $25 million
|
| Preferreds: | 14,285,714
|
| Price: | $1.75
|
| Conversion price: | $1.75
|
| Warrants: | No
|
| Agent: | Chardan Capital Markets LLC
|
| Investor: | C Media Ltd.
|
| Settlement date: | Jan. 31
|
| Stock symbol: | Nasdaq: YOD
|
| Stock price: | $3.03 at close Jan. 30
|
| Market capitalization: | $40.75 million
|
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