Platinum Studios prepares for over-the-counter trading: comic book library raises $5 million in advance of public offering.PLATINUM Studios Inc., home to the world's largest library Of independent comic book comic book Bound collection of comic strips, usually in chronological sequence, typically telling a single story or a series of different stories. The first true comic books were marketed in 1933 as giveaway advertising premiums. characters, has filed for a direct public offering that would make the company's stock available for over-the-counter trading. The Los Angeles-based studio, which specializes in developing its comic library into entertainment and feature film content, raised $5 million in advance of the offering from private individual investors. "Men in Black" is among Platinum's best-known properties and the studio has teamed with major players such as Sony, Universal, Disney and Lions Gate. Platinum was founded in 1997 and now has nearly 30 employees. Brian Altounian, Platinum's presidenl, has a background in taking tech-related companies public, having served as chairman of XsunX Inc. and on the board of early-stage tech firms Machine Talker and Cereplast. Altounian invested $1 million of his own money for an equity stake in Platinum. Company executives first began discussing taking the company public less than two years ago: they began raising money in October and officially completed the financing in April. Platinum has issued about 200 million shares altogether, though only one-third of those--about 65 million shares--will be in the public float. "We saw banks and hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" jumping into the entertainment industry; there's a lot of cash out there," Altounian said. "When we saw what was available to us, we wanted to take matters into our own hands. It's a great growth strategy and we'll have access to capital without having to give up complete control of the company." The SEC will review the filing--a process that typically ranges from 30 days to six months. Altounian said the company is hoping to complete the process by year's end. The $5 million was raised from a group of more than 200 investors. Altounian described the group as "close to (founder) Scott Rosenberg and me. There was no broad solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual ." The company's goal, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. executives, is to expand the comics-to-film successes in all directions: toys, video gaming video gaming n. 1. Gambling by means of interactive games of chance played on a video screen. 2. The playing of video games. , wireless, online and even apparel. This summer, DreamWorks Studios and Universal Pictures acquired the rights to Platinum Studios' best-selling best·sell·er also best seller n. A product, such as a book, that is among those sold in the largest numbers. best graphic novel "Cowboys & Aliens." Academy Award winners Brian Grazer graze 1 v. grazed, graz·ing, graz·es v.intr. 1. To feed on growing grasses and herbage. 2. Informal a. To eat a variety of appetizers as a full meal. and Ron Howard are on board to produce the project for Imagine Entertainment. |
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