-Motricity sets rights offering record date for July 23.
TELECOMWORLDWIRE-July 17, 2012--Motricity sets rights offering record date for July 23(C)1994-2012 M2 COMMUNICATIONS http://www.m2.com
Mobile delivery empowering company Motricity (NASDAQ: MOTR) announced that a record date of July 23, 2012 has been set for Motricity's planned rights offering.
On December 2, 2011, Motricity filed a registration statement on form S-3 with the Securities and Exchange Commission with respect to the rights offering, which was subsequently amended via amendments on form S-1, including amendment No. 5 to form S-3 on form S-1, filed with the SEC on July 9, 2012.
Stockholders of Motricity's common stock as of the record date will receive one transferable subscription right for every one share of common stock owned as of that date, subject to the registration statement being declared effective by the SEC. Each subscription right, subject to certain limitations, will entitle the holder to purchase a unit consisting of shares of redeemable series J preferred stock to be created and warrants to purchase a share of Motricity's common stock, at a subscription price of $0.65 per unit. The number of shares of Series J preferred stock and common stock warrants that comprise the unit, as well as the term and the exercise price of the common stock warrants and the dividend rate on and liquidation preference of the Series J preferred stock, will be determined by our board of directors based on a recommendation by its pricing committee prior to commencement of the Rights offering.
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|Date:||Jul 17, 2012|
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