KIT digital, a cloud-based software solutions and
technology services provider for multi-screen video management and delivery, announced
that it closed its public offering of 3,200,000 shares of its common stock at
$9.50 per share, for gross proceeds to the company of approximately $30.4
million.
The company simultaneously closed the sale of an
additional 480,000 shares of common stock at the public offering price of $9.50
per share for gross proceeds to the company of $4.6 million, pursuant to the
30-day over-allotment option exercised in full at the election of the
underwriters.
The aggregate number of shares sold by KIT digital in the
public offering was 3,680,000 shares, for gross proceeds of approximately $35
million. After deducting underwriting discounts, commissions, legal fees, and
certain deal-related expenses payable by the company, KIT digital expects to
receive approximately $32.3 million in net proceeds from the public offering.
KIT digital
intends to use the net proceeds from the offering to fortify its balance sheet.
KIT digital recently announced its partnership
with LG Electronics to offer IP video platform technology, content and
professional services to the company’s Home Entertainment Division for its
Smart TV platform.
KIT digital and LG will work together to develop and
deploy a joint multiscreen over-the-top video (OTT) solution to provide viewers
with anytime access to live and on-demand premium 2D and 3D content on LG Smart
TVs globally.
By Telecomlead.com Team
editor@telecomlead.com
