Deal sells 16,529,412 shares at $1.50 apiece to fund acquisition costs
By Devika Patel
Knoxville, Tenn., April 19 - Velti plc said it plans a $24.79 million private placement of stock.
The company will sell 16,529,412 ordinary shares at $1.50 apiece. The price per share reflects an 11.77% discount to the April 18 closing share price of $1.70.
Proceeds will be used to pay about $16.5 million in connection with the company's November 2011 acquisition of MIG, for research and development, working capital and general corporate purposes.
Based in London, Velti provides mobile software platforms, applications and services for operators and advertising agencies in southeastern Europe, the United Kingdom and the United States.
| Issuer: | Velti plc
|
| Issue: | Ordinary stock
|
| Amount: | $24,794,118
|
| Shares: | 16,529,412
|
| Price: | $1.50
|
| Warrants: | No
|
| Pricing date: | April 19
|
| Stock symbol: | Nasdaq: VELT
|
| Stock price: | $1.70 at close April 18
|
| Market capitalization: | $108.11 million
|
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