Chicken Soup for the Soul (CSSE) announces the price of its public offering
What’s up with the Chicken Soup for the Soul?
Chicken Soup for the Soul Entertainment, Inc. (CSSE) shares edged down after the Connecticut-based operator of ad-supported video-on-demand networks announced the price a subscribed public offering of 1,875,000 common shares at $ 40 per share. CSSE shares were trading down 3.42% at $ 40.20 per share on Friday afternoon, on above-average volume.
What does this mean for the CSSE?
Chicken Soup for the Soul expects to raise around $ 75 million from the offer, which is expected to close on Wednesday, July 7. Funds are allocated for working capital and general corporate purposes.
The underwriters will be able to exercise a 30-day option to purchase up to 281,250 additional common shares at the public offering price. Guggenheim Securities and Needham & Company are the co-managers. Northland Capital Markets, DA Davidson & Co., The Benchmark Company, Ladenburg Thalmann & Co. Inc. and Craig-Hallum Capital Group LLC are co-managers.
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Chicken Soup for the Soul Entertainment Inc operates video-on-demand streaming networks. He owns a controlling interest in Crackle Plus, a company formed with Sony Pictures Television, which owns and operates a variety of ad-supported and subscription-based VOD networks, including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Espanolflix and FrightPix. . The Company also acquires and distributes video content through its subsidiary and produces original long and short content through Landmark Studio Group, its Chicken Soup for the Soul Originals division and APlus.com. The company’s parent company publishes the series of books and produces premium pet food under the Chicken Soup for the Soul brand.