Deal sells units at $2.50; Tejas Securities, Craig-Hallum are agents
By Devika Patel
Knoxville, Tenn., Aug. 26 - Function (X) Inc. gave further details about a $35 million private placement of stock that settled Aug. 25 in an 8-K filed Friday with the Securities and Exchange Commission. Tejas Securities Group, Inc. and Craig-Hallum Capital Group LLC were the agents.
The company sold 14 million units of one common share and one warrant at $2.50 per unit.
Each three-year warrant is exercisable at $4.00. The strike price is a 38.46% discount to the Aug. 24 closing share price of $6.50.
Proceeds will be used for general corporate purposes, including marketing and product development.
New York's Function (X) provides database management services and website design and maintenance for national not-for profit, health care and publishing entities.
| Issuer: | Function (X) Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $35 million
|
| Shares: | 14 million
|
| Price: | $2.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $4.00
|
| Agents: | Tejas Securities Group, Inc. and Craig-Hallum Capital Group LLC
|
| Settlement date: | Aug. 25
|
| Stock symbol: | Pink Sheets: FNCX
|
| Stock price: | $6.50 at close Aug. 25
|
| Market capitalization: | $876.47 million
|
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