Cinedigm Corp. Announces $8 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
May 20 2020 - 3:48PM
Cinedigm (NASDAQ: CIDM) (“Cinedigm” or the “Company”), today
announced it has entered into definitive agreements with investors
for the purchase and sale of 10,666,666 shares of its common stock
at a purchase price of $0.75 per share in a registered direct
offering priced at-the-market under Nasdaq rules. The closing of
the offering is expected to occur on or about May 22, 2020, subject
to the satisfaction of customary closing conditions.
The Benchmark Company LLC and A.G.P./Alliance
Global Partners are acting as co-lead placement agents for the
offering. This offering is being made pursuant to an
effective shelf registration statement on Form S-3 (File No.
333-238183) previously filed with the U.S. Securities and Exchange
Commission (the “SEC”). A prospectus supplement describing the
terms of the proposed offering will be filed with the SEC and will
be available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the prospectus supplement may be obtained,
when available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY 10022, or by telephone at (212)
624-2060, or by email at prospectus@allianceg.com. Before investing
in this offering, interested parties should read in their entirety
the prospectus supplement and the accompanying prospectus and the
other documents that the Company has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and such offering.
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.
About Cinedigm
Since inception, Cinedigm (CIDM) has been a
leader at the forefront of the digital transformation of content
distribution. Adapting to the rapidly transforming business needs
of today’s entertainment landscape, Cinedigm remains a
change-centric player focused on providing content, channels and
services to the world’s largest media, technology and retail
companies. Cinedigm’s Content and Networks groups provide original
and aggregated programming, channels and services that entertain
consumers globally across hundreds of millions of devices. For more
information, visit www.cinedigm.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” "plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, Cinedigm is using
forward-looking statements in this press release when it discusses
expected timing of the closing of the offering. Because such
statements deal with future events and are based on Cinedigm’s
current expectations, they are subject to various risks and
uncertainties, and actual results, performance or achievements of
Cinedigm could differ materially from those described in or implied
by the statements in this press release.
The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed under the heading “Risk
Factors” in Cinedigm’s annual report on Form 10-K filed with the
SEC on July 16, 2019, and in any subsequent filings with the SEC.
Except as otherwise required by law, Cinedigm undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Cinedigm is not
responsible for the contents of third-party websites.
Press Contact for CIDM:
Jill Calcaterra/310-466-5135 jcalcaterra@cinedigm.com
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