MeetMe Announces Exercise in Full of Underwriters’ Over-Allotment Option
August 01 2014 - 11:03AM
Business Wire
MeetMe, Inc. (NASDAQ: MEET), the public market leader for social
discovery, today announced that it has closed on the public
offering of an additional 750,000 shares of its common stock at an
offering price of $2.00 per share as a result of the exercise in
full of the underwriters’ over-allotment option. The total gross
proceeds of the offering, including the exercise in full of the
over-allotment option, were $11.5 million from the sale of a total
of 5,750,000 common shares. MeetMe estimates net proceeds from the
offering to be approximately $10.5 million after deducting
underwriting discounts and estimated offering expenses. MeetMe
intends to use the net proceeds from the proposed offering for
general working capital purposes.
JMP Securities acted as the sole book-running manager and
Northland Capital Markets and Janney Montgomery Scott LLC served as
co-managers.
A final prospectus supplement and accompanying base prospectus
relating to the offering has been filed with and declared effective
by the SEC. This press release shall not constitute an offer to
sell, or the solicitation of an offer to buy, any of the
securities, nor shall there be any sale of these securities, in any
state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state.
A copy of the prospectus supplement and accompanying prospectus
relating to the offering may be obtained by contacting JMP
Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco,
California 94111, Attention: Prospectus Department, (415)
835-8985. The final prospectus supplement and accompanying
prospectus is also available on the SEC's website
at www.sec.gov.
About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in
the US and the public market leader for social discovery (NASDAQ:
MEET). MeetMe makes it easy to discover new people to chat with on
mobile devices. With approximately 80 percent of traffic coming
from mobile and more than one million total daily active users,
MeetMe is fast becoming the social gathering place for the mobile
generation. The company is a leader in mobile monetization with a
diverse revenue model comprising advertising, native advertising,
virtual currency, and subscription. MeetMe apps are available on
iPhone, iPad, and Android in multiple languages, including English,
Spanish, Portuguese, French, Italian, German, Chinese (Traditional
and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For
more information, please visit meetmecorp.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 including the proposed use of proceeds. All
statements other than statements of historical facts contained
herein, including statements regarding the continued growth in our
core platform, are forward-looking statements. The words “believe,”
“may,” “estimate,” “continue,” “anticipate,” “intend,” “should,”
“plan,” “could,” “target,” “potential,” “is likely,” “expect” and
similar expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs. Further information on our risk factors is
contained in our filings with the SEC, including the Form 10-K for
the year ended December 31, 2013 and the Preliminary Prospectus
Supplement (Rule 424(b)(2)) as filed on July 22, 2014. Any
forward-looking statement made by us herein speaks only as of the
date on which it is made. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
MKR Group Inc.Todd Kehrli or Jim Byers(323)
468-2300meet@mkr-group.com
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