By Wendy Van Sickle
Columbus, Ohio, Jan. 26 – rVue Holdings, Inc. will sell up to $1,476,100 of common stock to Acorn Composite Corp. over the term of a purchase agreement that runs through September 2016.
Acorn purchased $270,000 of shares at closing and will purchase additional shares at the company’s discretion, according to a Tuesday press release.
Acorn’s total commitment for these purchases is $1.08 million, including the $270,000 initial investment.
rVue plans to use any proceeds from these purchases to fund business operations and for other general corporate purposes.
The subscription agreement also gives the company the right to sell additional shares of common stock to Acorn valued at up to $396,100 as “take-out” purchases in the event the company’s current variable-priced convertible note financings are not repaid via conversion to common stock. rVue plans to use any proceeds from these purchases to repay these financings.
In the last several months, the company said it has raised $220,000 in private placements of common stock with existing investors and their affiliates. In total, rVue said its private placements have raised about $1.7 million during 2015 and early 2016.
The Elmhurst, Ill.-based advertising technology company operates rVue, a demand-side platform for planning, buying and managing digital place-based media networks.
| Issuer: | rVue Holdings Inc.
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| Issue: | Share purchase agreement
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| Amount: | $1,476,100
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| Expiration: | End of September 2016
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| Warrants: | No
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| Investor: | Acorn Composite Corp.
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| Announcement date: | Jan. 26
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