By Laura Lutz
Des Moines, Nov. 20 - TheStreet.com, Inc. announced details of its $55 million private placement of preferred stock in an 8-K filing with the Securities and Exchange Commission.
Affiliates of Technology Crossover Ventures bought 5,500 shares of TheStreet.com's series B preferred stock for $10,000 per preferred share.
The investors were TCV VI, LP and TCV Member Fund, LP.
Holders may convert the preferreds into common stock at $14.26 per common share. The preferred stock receives dividends at the same rate as the underlying common shares, and it has a one-time liquidation preference.
The investors also received warrants for 1,157,083 common shares, exercisable at $15.686 per share for five years.
TheStreet.com is a New York-based producer of financial, business and investment content and advertising solutions. The company will use the proceeds to accelerate growth.
| Issuer: | TheStreet.com, Inc.
|
| Issue: | Series B preferred stock
|
| Amount: | $55 million
|
| Shares: | 5,500
|
| Dividends: | Same as for common stock
|
| Price: | $10,000
|
| Conversion price: | $14.26
|
| Warrants: | For 1,157,083 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $15.686
|
| Investors: | Technology Crossover Ventures affiliates TCV VI, LP and TCV Member Fund, LP
|
| Settlement date: | Nov. 15
|
| Stock symbol: | Nasdaq: TSCM
|
| Stock price: | $13.66 at close Nov. 15
|
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