Company sells 1.5 million common shares at $7.00 apiece with warrants
By Devika Patel
Knoxville, Tenn., June 8 - Digital Domain Media Group, Inc. negotiated a $10.5 million private placement of stock on June 7, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 1.5 million common shares at $7.00 apiece, a 0.29% discount to the June 6 closing share price of $7.02.
Investors also will receive warrants for 600,000 shares. The warrants are exercisable at $8.05 for five years. The strike price is a 14.67% premium to the June 6 closing price.
Settlement is expected June 8.
The media company is based in Port St. Lucie, Fla.
| Issuer: | Digital Domain Media Group, Inc.
|
| Issue: | Common shares
|
| Amount: | $10.5 million
|
| Shares: | 1.5 million
|
| Price: | $7.00
|
| Warrants: | For 600,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike prices: | $8.05
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| Pricing date: | June 7
|
| Settlement date: | June 8
|
| Stock symbol: | NYSE: DDMG
|
| Stock price: | $7.02 at close June 6
|
| Market capitalization: | $292.57 million
|
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