Loop Media (OTCPK:LPTV) stock gained ground after the digital video platform provider uplisted its shares to NYSE American and held a $12M public offering.
Shares of Loop opened at $4.50 after pricing at $5, hitting an early high of $6.17 before dipping to a low of $4.30. The shares recently changed hands at $5.44 at approximately 12:15 p.m. ET.
Loop offered 2.4M shares priced at $5 per share, raising $12M. Underwriters were granted a 30-day option to buy up to 360K more shares at the public price. Roth Capital is serving as sole manager.
Based in California, Loop provides short-form videos to retail stores, restaurants, hotels and other venues to entertain and engage customers. The company also delivers video content directly to consumers through mobile devices and connected TV.
Prior to Thursday, Loop shares were traded OTC under the symbol LPTV, closing at $9.20 on Wednesday. The company conducted a 1-for-3 reverse stock split after market close on Tuesday.