Deal sells series E convertible preferreds to C Media through Chardan
By Devika Patel
Knoxville, Tenn., Feb. 6 - YOU On Demand Holdings, Inc. settled a $25 million private placement of 4% series E convertible preferred stock on Jan. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 14,285,714 preferreds at $1.75 apiece. The preferreds are convertible into common shares at $1.75 per share, which is a 42.24% discount to the Jan. 30 closing share price of $3.03.
Chardan Capital Markets LLC was the agent, and C Media Ltd. was among the investors.
The New York-based company is a national pay-per-view and video-on-demand platform in China.
Issuer: | YOU On Demand Holdings, Inc.
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Issue: | Series E convertible preferred stock
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Amount: | $25 million
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Preferreds: | 14,285,714
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Price: | $1.75
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Conversion price: | $1.75
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Warrants: | No
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Agent: | Chardan Capital Markets LLC
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Investor: | C Media Ltd.
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Settlement date: | Jan. 31
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Stock symbol: | Nasdaq: YOD
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Stock price: | $3.03 at close Jan. 30
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Market capitalization: | $40.75 million
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