5,710,847 series A convertible preferreds sold to Frequency Networks
By Devika Patel
Knoxville, Tenn., April 19 – YOU On Demand Holdings, Inc. settled a $2 million private placement of series A convertible preferred stock with Frequency Networks, Inc. on April 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 5,710,847 preferreds at $0.35 apiece. Each preferred is convertible into one common share and is entitled to non-cumulative dividends at the rate of $0.02548 per year.
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 A convertible preferred stock
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| Amount: | $2 million
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| Preferreds: | 5,710,847
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| Price: | $0.35
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| Dividends: | $0.02548 per year
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| Conversion ratio: | Into one common share
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| Warrants: | No
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| Investor: | Frequency Networks, Inc.
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| Settlement date: | April 13
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| Stock symbol: | Nasdaq: YOD
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| Stock price: | $1.83 at close April 12
|
| Market capitalization: | $51.37 million
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