trending Market Intelligence /marketintelligence/en/news-insights/trending/4dCfP4WvTj-MCOQlBzpSAg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

FOTV Media Networks files for IPO


Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs

TMT News & Research: 2020 Recap

Quibi's $2 billion bet on mobile video fizzles out

Cable nets struggle with cash flow declines due to cord cutting, pandemic

FOTV Media Networks files for IPO

FOTV MediaNetworks Inc., an over-the-top provider of streaming video, audioand other digital media content, filed July 5 for an initial public offering ofits common shares.

The company is offering up to 3,750,000 common shares, witha minimum offering amount of 2.5 million common shares. FOTV also granted theunderwriters an option to sell on a best efforts basis an over-subscriptionallowance of up to 562,500 shares, representing an additional 15% of themaximum offering amount.

The IPO price for the shares is expected to be $8 per share.The company has applied to list its common stock on the Nasdaq Capital Marketunder the symbol FOTV.

At an assumed IPO price of $8 per share, FOTV estimated thenet proceeds to be about $18.3 million if the company sells a minimum of 2.5million shares and about $27.3 million in net proceeds, if it sells all3,750,000 shares of common stock.

The company plans to use the proceeds to fund internet videocontent acquisitions, to buy and aggregate complementary businesses, acceleratesales, marketing and promotion activities, and to work on capital and generalcorporate purposes.

The underwriters and co-managers of the IPO are BonwickCapital Partners LLC and Network 1 Financial Securities Inc.