Motricty Announces Results of Rights Offering; 46.2M Sub Rights to Common Holders
Motricity, Inc. (Nasdaq: MOTR) today announced the results of its previously announced rights offering (the "Rights Offering").
Pursuant to the Rights Offering, on July 23, 2012, the Company distributed 46,163,685 subscription rights to the holders of its common stock. Each subscription right entitled the holder thereof to purchase, for a subscription price of $0.65 per unit, a unit consisting of 0.02599 shares of 13% Redeemable Series J Preferred Stock (the "Series J Preferred Stock") and 0.21987 warrants to purchase a share of common stock at an exercise price of the greater of $0.65 and 120% of the closing price of the common stock on the date of issuance (the "Common Stock Warrants"). The Rights Offering expired on October 3, 2012 and the exercise price for the Common Stock Warrants was fixed at $0.65.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.