Company sells 6,000 preferreds at $1,000.00 apiece via Chardan Capital
By Devika Patel
Knoxville, Tenn., May 19 - Genius Brands International, Inc. settled a $6 million private placement of series A convertible preferred stock on May 15, according to an 8-K filed Monday with the Securities and Exchange Commission. Chardan Capital Markets LLC was the agent for the deal, which priced May 14.
The company sold 6,000 preferreds at $1,000.00 per preferred. They are initially convertible into common stock at $2.00 per share, a 32.66% discount to the May 13 closing share price of $2.97.
The New York company distributes family entertainment and music-based products.
| Issuer: | Genius Brands International, Inc.
|
| Issue: | Series A convertible preferred stock
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| Amount: | $6 million
|
| Shares: | 6,000
|
| Price: | $1,000.00
|
| Conversion price: | $2.00
|
| Warrants: | No
|
| Agent: | Chardan Capital Markets LLC
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| Pricing date: | May 14
|
| Settlement date: | May 15
|
| Stock symbol: | OTCBB: GNUS
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| Stock price: | $2.97 at close May 13
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