Trinad Capital Master Fund and Guber Family Trust are investors
By Devika Patel
Knoxville, Tenn., April 18 - Mandalay Digital Group, Inc. negotiated a $1 million private placement of stock with Trinad Capital Master Fund, Ltd. and the Guber Family Trust on April 11, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 1,428,572 common shares at $0.70 per share. The price per share is a 21.35% discount to $0.89, the April 10 closing share price.
Trinad and the Guber Family Trust will also receive warrants for 357,142 shares, which are each exercisable at $0.70 for five years. The strike price also reflects a 21.35% discount to the April 10 closing share price.
Mandalay, based in Los Angeles, delivers a mobile services platform that works with mobile operators and third-party publishers to provide portal management, user interface, content development and billing technology that enables the responsible distribution of mobile entertainment.
| Issuer: | Mandalay Digital Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $1 million
|
| Shares: | 1,428,572
|
| Price: | $0.70
|
| Warrants: | For 357,142 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.70
|
| Investors: | Trinad Capital Master Fund, Ltd. and the Guber Family Trust
|
| Pricing date: | April 11
|
| Stock symbol: | OTCBB: MNDLD
|
| Stock price: | $0.89 at close April 11
|
| Market capitalization: | $79.56 million
|
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