iMedia said it also priced warrants to buy 7,801,303 shares with a per share exercise price of $2.94. The warrants are only exercisable upon receipt of shareholder approval for a share increase.
The initial closing of the offering is expected on or about May 16. Subsequent closings are expected to happen within 180 days of the receipt of the shareholder approval for the share increase.
Net proceeds from the offering will be used to pay off some debt and for working capital and general corporate purposes.
iMedia shares were down 25% on Thursday morning.
Price: 2.45, Change: -0.50, Percent Change: -16.84
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