Deal sells 250 series A preferreds at $10,000 to Discover Growth Fund
By Devika Patel
Knoxville, Tenn., Nov. 17 – Remark Media, Inc. completed a $2.5 million private placement of its 8% series A convertible preferred stock with Discover Growth Fund on Nov. 17, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 250 preferreds were sold at $10,000 apiece and convert to common stock at $6.50 per share, which is a 44.12% premium to the Nov. 14 closing share price of $4.51.
Remark is an online media company based in Atlanta.
| Issuer: | Remark Media, Inc.
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| Issue: | Series A convertible preferred stock
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| Amount: | $2.5 million
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| Preferreds: | 250
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| Price: | $10,000
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| Dividends: | 8%
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| Conversion price: | $6.50
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| Warrants: | No
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| Investor: | Discover Growth Fund
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| Settlement date: | Nov. 17
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| Stock symbol: | Nasdaq: MARK
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| Stock price: | $4.51 at close Nov. 14
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| Market capitalization: | $60.71 million
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