Offering sells 1,111,111 shares to fund opening of Los Angeles studio
By Devika Patel
Knoxville, Tenn., May 15 - maniaTV Inc. priced its $1 million initial public offering of stock in a prospectus filed Wednesday with the Securities and Exchange Commission.
The company will sell 1,111,111 class A common shares at $0.90 apiece on a best-efforts basis.
Proceeds will be used to open a studio in the Los Angeles area in order to produce fresh premium content, hire core staff for programming and advertising, make technological investments in backend broadband servers, develop a maniaTV mobile app and for general and administrative expenses.
The West Hollywood, Calif., company's website offers entertainment content.
| Issuer: | maniaTV Inc.
|
| Issue: | Class A common stock
|
| Amount: | $1 million
|
| Shares: | 1,111,111
|
| Price: | $0.90
|
| Warrants: | No
|
| Pricing date: | May 15
|
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