Remark Media Inks USD 20m Stock Purchase Agreement with Aspire Capital.
M2 EQUITYBITES-November 10, 2016-Remark Media Inks USD 20m Stock Purchase Agreement with Aspire Capital
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10 November 2016 - Chicago-based institutional investor has entered into a USD 20m common stock purchase agreement with digital media technology company Las Vegas Remark Media, Inc. (NASDAQ: MARK), the companies said.
Under the terms of the purchase agreement, Aspire has made an initial purchase of USD 1m of Remark's common stock at USD 4.50 per share, which represents a 13.6% premium over the USD 3.96 closing stock price at 8 November 2016.
In addition, Aspire has committed to purchase up to an additional USD 19m of Remark's common stock over the next 30 months, based on prevailing market prices at the time of each sale.
Under the purchase agreement, Remark will control the timing and amount of any sale of common shares to Aspire.
Aspire has no right to require Remark to make any sales, but is obligated to make purchases as Remark directs, in accordance with the terms of the purchase agreement.
There are no limitations on the use of proceeds, financial covenants or restrictions on future financings and there are no rights of first refusal, participation rights, penalties or liquidated damages in the purchase agreement.
Remark may terminate the purchase agreement at any time, at its discretion, without any additional cost or penalty.
The company owns, operates and acquires digital media properties across multiple verticals that deliver culturally relevant, dynamic content that attracts and engages users on a global scale.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 10, 2016|
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