has closed the sale of an additional 634,615 shares of common stock at the recent public offering price of $13.00 per share for gross proceeds to the company of $8.25 million, pursuant to the 30-day over-allotment option exercised in full by the underwriters in connection with KIT digital's registered public offering that closed on April 27, 2010.
The full exercise of the over-allotment option brings the total number of shares sold by KIT digital in this public offering to 4,865,385. The aggregate net proceeds received by the company are expected to be approximately $57.9 million, after deducting the proceeds from underwriting discounts, commissions, legal fees, and certain deal-related expenses payable by the company.
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.