Investors get warrants; shares sold at 1.41% discount to market price
By Devika Patel
Knoxville, Tenn., Dec. 27 - Mandalay Digital Group, Inc. negotiated a $550,000 private placement of stock on Dec. 21, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 785,714 common shares at $0.70 per share. The price per share reflects a 1.41% discount to the Feb. 7 closing share price of $0.71.
The investors also will receive a five-year warrant for 196,429 shares, which is exercisable at $0.70. The strike price is also a 1.41% discount to the Feb. 7 closing 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.
|
| Issue: | Common stock
|
| Amount: | $550,000
|
| Shares: | 785,714
|
| Price: | $0.70
|
| Warrants: | For 196,429 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Announcement date: | Feb. 8
|
| Stock symbol: | OTCBB: MNDL
|
| Stock price: | $0.71 at close Feb. 7
|
| Market capitalization: | $62.83 million
|
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