has closed the previously announced sale of 4,230,770 shares of common stock at $13.00 per share for gross proceeds to the company of $55.0 million.
The net proceeds received by the company are expected to be approximately $50.3 million, after deducting the proceeds from underwriting discounts, commissions, legal fees, and certain deal-related expenses payable by the company.
As previously announced, KIT digital has granted a 30-day option to the underwriter to purchase up to an additional 634,615 shares to cover over-allotments.
KIT digital plans to use the net proceeds of the offering primarily to acquire and invest in competitive and complementary businesses as a part of its growth strategy.
Roth Capital Partners acted as the sole book-running manager for the public offering, with Janney Montgomery Scott LLC and Merriman Curhan Ford & Co. acting as co-managers.
The offering was made by a prospectus supplement filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended. Copies of the final prospectus may be obtained from the offices of Roth Capital Partners by e-mail to firstname.lastname@example.org, by fax to +1-949-720-7227, or by mail to 24 Corporate Plaza Drive, Newport Beach, CA, 92660, Attention: Equity Capital Markets.
The shares of common stock issued by the company in the offering are pursuant to a registration statement on Form S-3 (File No. 333-164655) filed by the company on February 3, 2010 with the U.S. Securities and Exchange Commission (SEC). On February 12, 2010, the SEC declared the registration statement effective.