RMG Networks Holding (NASDAQ:RMGN) commenced a rights offering to raise gross proceeds of up to approx. $4.8M for general working capital purposes
The Company has granted to the holders of its common stock on record date of November 29, 2016, 0.20991 of a non-transferable subscription right for each share of common stock. Each whole subscription right entitles the holder to purchase one share of common stock at a subscription price of $0.62 per share.
The Company has entered into a standby purchase agreement with three existing stockholders to acquire unsubscribed shares for pursuant to the exercise of basic subscription privileges or over-subscription privileges at the same subscription price for a maximum gross proceeds of $3.5M.