Company sells 6 million units of shares and warrants at $0.40 apiece
By Devika Patel
Knoxville, Tenn., Nov. 13 - NTN Buzztime, Inc. completed a $2.4 million private placement of units on Nov. 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 6 million units of one common share and 0.6 warrants at $0.40 per unit.
Each whole warrant is exercisable at $0.40 until Nov. 11, 2018. The strike price is a 27.27% discount to $0.55, the Nov. 11 closing share price.
Proceeds will be used for general corporate purposes and working capital.
The interactive entertainment network is based in Carlsbad, Calif.
| Issuer: | NTN Buzztime, Inc.
|
| Issue: | Units of one common share and 0.6 warrants
|
| Amount: | $2.4 million
|
| Units: | 6 million
|
| Price: | $0.40
|
| Warrants: | 0.6 warrants per unit
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| Warrant expiration: | Nov. 11, 2018
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| Warrant strike price: | $0.40
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| Settlement date: | Nov. 12
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| Stock symbol: | Amex: NTN
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| Stock price: | $0.55 at close Nov. 11
|
| Market capitalization: | $38.05 million
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