MeetMe -12.6% due to $10M stock offering

|By:, SA News Editor

MeetMe (NASDAQ:MEET) is selling 5M shares at $2 apiece - a 13% discount to Tuesday's close. Underwriters have a 750K-share overallotment option.

The company only says it plans to use the proceeds for "general working capital purposes."

MeetMe had $5.8M in cash as of March 31, and $5.4M in debt.