Company offers 8 million common shares at $5.50 apiece to investors
By Devika Patel
Knoxville, Tenn., July 29 - Sequential Brands Group, Inc. said it completed a $44 million private placement of stock.
The company sold 8 million common shares at $5.50 apiece. The per-share price represents a 0.54% discount to the July 26 closing share price of $5.53.
BofA Merrill Lynch was the lead placement agent, and Brean Capital, LLC was the co-placement agent.
Proceeds will be used for general corporate purposes, including planned and potential business acquisitions, and to pay fees and expenses.
The designer, marketer and wholesale provider of branded apparels and apparel accessories is based in Pacific Palisades, Calif.
| Issuer: | Sequential Brands Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $44 million
|
| Shares: | 8 million
|
| Price: | $5.50
|
| Warrants: | No
|
| Agents: | BofA Merrill Lynch (lead), Brean Capital, LLC (co-placement agent)
|
| Settlement date: | July 29
|
| Stock symbol: | OTCBB: SQBG
|
| Stock price: | $5.53 at close July 26
|
| Market capitalization: | $93.83 million
|
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