US video ringtone group Vringo has announced the pricing of its US$11m IPO.
The company will sell 2,392,000 units at US$4.60 apiece, reaping gross proceeds of just over $11m, on the New York Stock Exchange. Each unit consists of one share of Vringo…
US video ringtone group Vringo has announced the pricing of its US$11m IPO.
The company will sell 2,392,000 units at US$4.60 apiece, reaping gross proceeds of just over $11m, on the New York Stock Exchange. Each unit consists of one share of Vringo common stock and two five-year warrants, with each warrant to purchase one share of common stock at an exercise price of $5.06 per share. Underwriters will also have a 45-day option to purchase up to an additional 358,800 units to cover over-allotments, if any.
Proceeds from the IPO will be spent on capex, cost of revenue, R&D, sales and marketing and general corporate purposes, including working capital and repayment of a portion of its credit loan facility.
Maxim Group is acting as sole book-running manager and sole representative of the underwriters. Chardan Capital Markets and Ladenburg Thalmann & Co are acting as co-managers for the offering.
The initial public offering is expected to close on or about June 25.