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Posted On: 04/17/2019 6:51:57 PM
Post# of 32973
Re: Nt2innvovate #14516
Hi Roni, let me clarify.
The acquisition price was $25M ($11M cash, $10M in restricted common shares and $4M in units at the same terms as all other investors in the IPO).
The way the units component of the purchase price worked was we paid them the $4M in cash and they gave it back to us in exchange for units in the IPO so that our net cash outlay from the IPO proceeds was $11M instead of $15M as set forth in the original merger agreement. It net the Company an additional $4M of working capital.
In total over $20M was raised in the IPO, including the $4M from the Sound Concepts shareholders.
Please reach out anytime.
Valter Pinto,
Managing Director
KCSA Strategic Communications
420 Fifth Ave., 3rd Floor
New York, NY 10018
valter@kcsa.com
Tel: 212.896.1254
The acquisition price was $25M ($11M cash, $10M in restricted common shares and $4M in units at the same terms as all other investors in the IPO).
The way the units component of the purchase price worked was we paid them the $4M in cash and they gave it back to us in exchange for units in the IPO so that our net cash outlay from the IPO proceeds was $11M instead of $15M as set forth in the original merger agreement. It net the Company an additional $4M of working capital.
In total over $20M was raised in the IPO, including the $4M from the Sound Concepts shareholders.
Please reach out anytime.
Valter Pinto,
Managing Director
KCSA Strategic Communications
420 Fifth Ave., 3rd Floor
New York, NY 10018
valter@kcsa.com
Tel: 212.896.1254
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