Company sells shares at $0.088 apiece through Chardan Capital Markets
By Devika Patel
Knoxville, Tenn., June 8 - YOU On Demand Holdings, Inc. said it settled a $10.92 million private placement of stock. Chardan Capital Markets, LLC was the agent.
The company sold 124,065,972 common shares at about $0.088 apiece. The price per share reflects a 20% discount to $0.11, the June 7 closing share price.
FIL Investment Management (Hong Kong) Ltd. was the largest investor and bought 73,440,972 shares for $6.46 million.
Proceeds will be used to continue developing the company's Pay-Per-View and Video On Demand platform in China, for marketing and promotions and for general corporate purposes.
The New York-based company is a national pay-per-view and video-on-demand platform in China.
| Issuer: | YOU On Demand Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $10,917,806
|
| Shares: | 124,065,972
|
| Price: | $0.088 (approximate)
|
| Warrants: | No
|
| Agent: | Chardan Capital Markets, LLC
|
| Investor: | FIL Investment Management (Hong Kong) Ltd. (for $6,462,806)
|
| Settlement date: | June 8
|
| Stock symbol: | OTCBB: CBBD
|
| Stock price: | $0.11 at close June 7
|
| Market capitalization: | $62.13 million
|
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