IDW Media Holdings, Inc. Announces NYSE American Uplisting and Pricing of $9.0 Million Public Offering

Rhea-AI Summary

IDW Media Holdings has announced the pricing of its underwritten public offering of 2,500,000 shares of Class B Common Stock at $3.60 per share, aiming for gross proceeds of approximately $9 million. The offering includes a 45-day option for underwriters to purchase an additional 375,000 shares. The expected closing date is around August 6, 2021, with trading on NYSE American commencing on August 4, 2021. EF Hutton serves as the sole book-running manager, and the registration statement has been effective since August 2, 2021.

Positive

• Gross proceeds of approximately $9 million for growth initiatives.
• Underwriters have a 45-day option to purchase additional shares, indicating potential demand.

Negative

• Offering may lead to shareholder dilution.
• Market reaction post-offering could be negative if demand does not meet expectations.

NEWARK, NJ and LOS ANGELES, CA / ACCESSWIRE / August 3, 2021 / IDW Media Holdings, Inc. (NYSE American:IDW) (the "Company" or "IDW"), an integrated media company, today announced the pricing of an underwritten public offering of 2,500,000 shares of its Class B Common Stock (the "Common Stock") at a public offering price of $3.60 per share of Common Stock for aggregate gross proceeds of approximately $9.0 million prior to deducting underwriting discounts, commissions, and other offering expenses.

In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares of Common Stock at the public offering price less the underwriting discounts and commissions. The offering is expected to close on or around August 6, 2021, subject to satisfaction of customary closing conditions.

IDW's Class B Common Stock is expected to begin trading on the NYSE American on August 4, 2021, under the symbol "IDW".

EF Hutton, division of Benchmark Investments, LLC is acting as sole book-running manager for the offering.

The Securities and Exchange Commission ("SEC") declared effective a registration statement on Form S-1, as amended (File No. 333-257708), on August 2, 2021. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from EF Hutton, a division of Benchmark Investments, LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002.

This press release shall not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About IDW:
IDW is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire IP for holistic franchise development across comics and graphic novels, television, games, merchandise and other entertainment platforms and leverage established stories from our creative partners.

Forward-Looking Statements:
All statements above that are not purely about historical facts, including, but not limited to, those utilizing the words 'believe,' 'anticipate,' 'expect,' 'plan,' 'intend,' 'estimate,' 'target' and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent the Company's current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. IDW's filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDW assumes no obligation to update any forward-looking statements.

Contact:
IDW Media Investor Relations
investor.relations@idwmh.com

SOURCE: IDW Media Holdings Inc.

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https://www.accesswire.com/658285/IDW-Media-Holdings-Inc-Announces-NYSE-American-Uplisting-and-Pricing-of-90-Million-Public-Offering

FAQ

What are the details of the IDW public offering?

IDW is offering 2,500,000 shares of Class B Common Stock at $3.60 per share, aiming for approximately $9 million in gross proceeds.

When will IDW's Class B Common Stock start trading?

IDW's Class B Common Stock is expected to begin trading on NYSE American on August 4, 2021.

What is the purpose of IDW's stock offering?

The proceeds from the offering are intended for various growth initiatives within the company.

Who is managing the IDW public offering?

EF Hutton, a division of Benchmark Investments, LLC, is acting as the sole book-running manager for the offering.