Function(x) (NASDAQ: FNCX) shares dropped to $1.02 this morning after the social publishing and interactive media platform priced its underwritten public offering of 4,571,428 shares of its common stock at a public price of $1.05 per share. Additionally, the company has allowed the underwriters a 45-day option to purchase up to an additional 685,714 shares of common stock to cover over-allotments, if necessary. Before deducting underwriting discounts, commissions and other estimated offering expenses, the gross proceeds are expected to be approximately $4,800,000. Subject to customary closing conditions, the offering is expected to close on March 1, 2017.
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Function(x) operates Wetpaint.com and Rant. Wetpaint is a website for entertainment news for millennial women, covering the latest in television, music, and pop culture. Rant is a digital publisher with original content in multiple different verticals, most notably in sports, entertainment, and pets. Function(x) Inc. is also the largest shareholder of DraftDay Gaming Group, which is well-positioned to become a significant participant in the expanding fantasy sports market, offering a high-quality daily fantasy sports experience both directly to consumers and to businesses desiring turnkey solutions to new revenue streams. Function(x) Inc. also owns Choose Digital, a digital marketplace platform that allows companies to incorporate digital content into existing rewards and loyalty programs in support of marketing and sales initiatives. For more information, visit www.functionxinc.com
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