Evine Live Inc. Announces $4.5 Million Registered Direct Offering of Common Stock
May 24 2017 - 5:08PM
Evine Live Inc. (NASDAQ:EVLV) today announced that it has entered
into definitive purchase agreements with several investors to sell
an aggregate of approximately four million shares of its common
stock at a purchase price of $1.12 per share in a registered direct
offering, except for shares sold to certain directors and executive
officers of the Company, who will pay $1.15 per share. The
offering is expected to close on or about May 30, 2017, subject to
the satisfaction of customary closing conditions. The
offering was made without the use of a placement agent or
underwriter. Craig-Hallum Capital Group LLC is serving as a
financial advisor to Evine Live Inc.
The shares of common stock were offered pursuant
to a shelf registration statement on Form S-3 (File
No. 333- 203209), which was declared effective by the U.S.
Securities and Exchange Commission (the “SEC”) on May 19,
2015. A prospectus supplement relating to the shares of
common stock will be filed by the Company with
the SEC. When available, copies of the prospectus
supplement, together with the accompanying prospectus, can be
obtained for free at the SEC’s website at www.sec.gov, or directly
from the Company by contacting Michael Porter by e-mail to
mporter@evine.com, or by phone at (952) 943-6517.
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. This offering may only be made by means of a
prospectus supplement and related base prospectus.
About Evine Live Inc.
Evine Live Inc. (NASDAQ:EVLV) operates Evine, a multiplatform
video commerce company that offers a mix of proprietary, exclusive
and name brands directly to consumers in an engaging and
informative shopping experience via television, online and mobile.
Evine reaches more than 87 million cable and satellite television
homes with entertaining content in a comprehensive digital shopping
experience 24 hours a day.
Please visit www.evine.com/ir for more investor information.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This document may contain certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements may be identified by words such as
anticipate, believe, estimate, expect, intend, predict, hope,
should, plan, will or similar expressions. Any statements contained
herein that are not statements of historical fact may be deemed
forward-looking statements. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from the expectations contained herein due to various
important factors, including (but not limited to): consumer
preferences, spending and debt levels; the general economic and
credit environment; interest rates; seasonal variations in consumer
purchasing activities; the ability to achieve the most effective
product category mixes to maximize sales and margin objectives;
competitive pressures on sales; pricing and gross sales margins;
the level of cable and satellite distribution for our programming
and the associated fees or estimated cost savings from contract
renegotiations; our ability to establish and maintain acceptable
commercial terms with third-party vendors and other third parties
with whom we have contractual relationships, and to successfully
manage key vendor relationships and develop key partnerships and
proprietary and exclusive brands; our ability to manage our
operating expenses successfully and our working capital levels; our
ability to remain compliant with our credit facilities covenants;
customer acceptance of our branding strategy and our repositioning
as a video commerce company; the market demand for television
station sales; changes to our management and information systems
infrastructure; challenges to our data and information security;
changes in governmental or regulatory requirements; including
without limitation, regulations of the Federal Communications
Commission and Federal Trade Commission, and adverse outcomes from
regulatory proceedings; litigation or governmental proceedings
affecting our operations; significant public events that are
difficult to predict, or other significant television-covering
events causing an interruption of television coverage or that
directly compete with the viewership of our programming; our
ability to obtain and retain key executives and employees; our
ability to attract new customers and retain existing customers;
changes in shipping costs; our ability to offer new or innovative
products and customer acceptance of the same; changes in customers
viewing habits of television programming; and the risks identified
under “Risk Factors” in our recently filed Form 10-K and any
additional risk factors identified in our periodic reports since
the date of such Form 10-K. More detailed information about those
factors is set forth in our filings with the Securities and
Exchange Commission, including our annual report on Form 10-K,
quarterly reports on Form 10-Q, and current reports on Form 8-K.
You are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date of this announcement.
We are under no obligation (and expressly disclaim any such
obligation) to update or alter our forward-looking statements
whether as a result of new information, future events or
otherwise.
CONTACTS
Media
Dawn Zaremba
Evine
press@evine.com
(952) 943-6043
Investors
Michael Porter
Evine
mporter@evine.com
(952) 943-6517
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