Function(x), Inc. Prices $4,800,000 Common Stock Offering
February 24 2017 - 8:50AM
Business Wire
FUNCTION(X) INC. (NASDAQ: FNCX), a leading social
publishing and interactive media platform, today announced the
pricing of an underwritten public offering of 4,571,428 shares of
its common stock at a price to the public of $1.05 per share. The
gross proceeds to Function(x) Inc. from this offering are expected
to be approximately $4,800,000 before deducting underwriting
discounts and commissions and other estimated offering expenses.
Function(x) Inc. has granted the underwriters a 45-day option to
purchase up to an additional 685,714 shares of common stock to
cover over-allotments, if any. The offering is expected to close on
March 1, 2017, subject to customary closing conditions.
Aegis Capital Corp. and Laidlaw & Company (UK) Ltd are
acting as joint book-running managers for the offering.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission and became
effective on February 23, 2017.
The offering will be made only by means of a prospectus. A copy
of the prospectus relating to the offering may be obtained, when
available, by contacting Aegis Capital Corp., Prospectus
Department, 810 Seventh Avenue, 18th Floor, New York, NY 10019,
telephone: 212-813-1010, e-mail: prospectus@aegiscap.com.
Investors may also obtain these documents at no cost by visiting
the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Function(x) operates Wetpaint.com and Rant. Wetpaint is the
leading online destination for entertainment news for millennial
women, covering the latest in television, music, and pop culture.
Rant is a leading digital publisher with original content in
multiple different verticals, most notably in sports,
entertainment, and pets. Function(x) Inc. is also the largest
shareholder of DraftDay Gaming Group, which is well-positioned to
become a significant participant in the expanding fantasy sports
market, offering a high-quality daily fantasy sports experience
both directly to consumers and to businesses desiring turnkey
solutions to new revenue streams. Function(x) Inc. also owns Choose
Digital, a digital marketplace platform that allows companies to
incorporate digital content into existing rewards and loyalty
programs in support of marketing and sales initiatives. For more
information, visit www.functionxinc.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated. All
information provided in this press release is as of the date of
this release. Except as required by law, Function(x), Inc.
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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For Function(x):Investors:Michelle Lanken, 212-231-0092Chief
Financial Officermlanken@functionxinc.comorMedia Relations:IRTH
CommunicationsRobert Haag, 866-976-4784Managing Partner