Offering sells two types of units with warrants at $4.00 per unit
By Devika Patel
Knoxville, Tenn., Aug. 31 - YOU On Demand Holdings, Inc. settled a $3.59 million private placement of units on Aug. 30, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 646,250 units of one common share and a warrant at $4.00 per unit and 250,000 units of one series C preferred share and one warrant at $4.00 per unit.
Each preferred is convertible into one common share.
The whole warrants are each exercisable at $4.25. The strike price represents a 13.79% discount to the Aug. 30 closing share price of $4.93.
Proceeds will be used for the development of the company's Pay-Per-View and Video On Demand platform in China, marketing and promotions and 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: | Units of one common share and a warrant, units of one series C preferred share and a warrant
|
| Amount: | $3,585,000
|
| Price: | $4.00
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $4.25
|
| Settlement date: | Aug. 30
|
| Stock symbol: | OTCBB: CBBD
|
| Stock price: | $4.93 at close Aug. 30
|
|
|
| Stock units
|
| Amount: | $2,585,000
|
| Units: | 646,250
|
|
|
| Preferred units
|
| Amount: | $1 million
|
| Units: | 250,000
|
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