Maxim, Benchmark raise funds for corporate purposes, working capital
By Devika Patel
Knoxville, Tenn., March 30 – Remark Media, Inc. said it will raise $3.4 million in a registered direct offering of stock. The deal will be conducted through lead agent Maxim Group LLC and co-agent The Benchmark Co.
The company will sell 850,000 common shares at $4.00 per share. The per-share purchase price is a 9.5% discount to $4.42, the closing price of the stock on March 27.
Gordon Crawford and Ashford Capital Management may participate.
Settlement is expected March 31.
Proceeds will be used for general corporate purposes, including working capital, acquisitions and capital expenditures.
Remark is an online media company based in Las Vegas.
| Issuer: | Remark Media, Inc.
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| Issue: | Common stock
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| Amount: | $3.4 million
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| Shares: | 850,000
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| Price: | $4.00
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| Warrants: | No
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| Agent: | Maxim Group LLC (lead), The Benchmark Co. (co-agent)
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| Investors: | Gordon Crawford and Ashford Capital Management
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| Pricing date: | March 30
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| Settlement date: | March 31
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| Stock symbol: | Nasdaq: MARK
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| Stock price: | $4.42 at close March 27
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| Market capitalization: | $53.2 million
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