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RMG completes rights offering

RMG Networks Holding Corp. closed its rights offering and related sale of shares to certain existing stockholders pursuant to a standby purchase agreement.

The company issued 7,741,908 shares of its common stock at a price of 62 cents per share with gross proceeds of roughly $4.8 million. RMG issued 4,378,037 common stock shares under the basic subscription privilege and 2,050,599 common stock shares under the standby purchase agreement. After the issuance of said shares, the company had 1,313,272 shares available for issuance to rightsholders validly exercising rights under the oversubscription privilege.

The subscription agent received 2,798,566 validly exercised rights under the oversubscription privilege, out of which 1,313,272 company shares were available for issuance. These shares were allocated on a pro rata basis, with the excess subscription payments to be returned, without interest.

A total of 44,623,949 RMG common stock shares were outstanding upon the closing of the transactions, according to a Dec. 29 press release.

RMG plans on using the net proceeds from the rights offering, which are expected to be about $4.5 million, for general working capital purposes.

Monarch Capital Group LLC was the dealer-manager for the offering.