Deal sells series D convertible preferreds to C Media through Chardan
By Devika Patel
Knoxville, Tenn., July 11 - YOU On Demand Holdings, Inc. settled a $4 million private placement of 4% series D convertible preferred stock with C Media Ltd. on July 5, according to an 8-K filed Thursday with the Securities and Exchange Commission. Chardan Capital Markets LLC was the agent.
The company sold 2,285,714 preferreds at $1.75 apiece. The preferreds are convertible into common shares at $1.73 per share, which is identical to the July 3 closing share price.
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: | Series D convertible preferred stock
|
| Amount: | $4 million
|
| Preferreds: | 2,285,714
|
| Price: | $1.75
|
| Dividends: | 4%
|
| Conversion price: | $1.73
|
| Warrants: | No
|
| Agent: | Chardan Capital Markets LLC
|
| Investor: | C Media Ltd.
|
| Settlement date: | July 5
|
| Stock symbol: | Nasdaq: YOD
|
| Stock price: | $1.73 at close July 3
|
| Market capitalization: | $28.95 million
|
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