Deal funds strategic opportunities, general working capital purposes
By Devika Patel
Knoxville, Tenn., July 6 - Cinedigm Digital Cinema Corp. said it will conduct a $6.94 million private placement of stock via agent Merriman Capital, Inc.
The company will sell 4,338,750 class A common shares at $1.60 per share. The price per share represents a 10.11% discount to the July 5 closing share price of $1.78.
Proceeds will be used for general working capital purposes and strategic opportunities.
Cinedigm is a Morristown, N.J.-based company that converts movie theaters into digital and networked entertainment centers.
| Issuer: | Cinedigm Digital Cinema Corp.
|
| Issue: | Class A common stock
|
| Amount: | $6,942,000
|
| Shares: | 4,338,750
|
| Price: | $1.60
|
| Warrants: | No
|
| Agent: | Merriman Capital, Inc.
|
| Pricing date: | July 6
|
| Stock symbol: | Nasdaq: CIDM
|
| Stock price: | $1.78 at close July 5
|
| Market capitalization: | $58.17 million
|
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