B. Riley raises funds for business opportunities, product development
By Devika Patel
Knoxville, Tenn., Oct. 2 – Digital Turbine Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $1.8 million greenshoe in full, lifting total proceeds of the offering to $13.72 million. The deal was announced Sept. 28 and priced for $11.93 million with the greenshoe on Sept. 29.
The company sold 8.74 million common shares at $1.57 per share. The price per share reflects an 8.19% discount to the Sept. 28 closing share price of $1.71. Of the shares, 1.14 million were part of the fully exercised greenshoe.
B. Riley & Co., LLC was the underwriter.
Proceeds will be used for organic business opportunities, product development, general corporate purposes, working capital and capital expenditures.
Austin, Texas’ Digital Turbine offers products that enable mobile operators, application advertisers, device original equipment manufacturers and other third parties to monetize mobile content.
| Issuer: | Digital Turbine Inc.
|
| Issue: | Common stock
|
| Amount: | $13,721,800, including $1,798,800 greenshoe of 1.14 million shares
|
| Shares: | 8.74 million
|
| Price: | $1.57
|
| Warrants: | No
|
| Underwriter: | B. Riley & Co., LLC
|
| Announcement date: | Sept. 28
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 2
|
| Stock symbol: | Nasdaq: APPS
|
| Stock price: | $1.71 at close Sept. 28
|
| Market capitalization: | $113.6 million
|
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