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YOU On Demand Raises $3.6 Million in Private Placement
Aug 31, 2012 (04:08 PM EDT)
NEW YORK, Aug. 31, 2012 /PRNewswire/ -- YOU On Demand Holdings, Inc. (NASDAQ: YOD), China's leading national Pay-Per-View (PPV) and Video On Demand (VOD) platform, announced today that it has closed on a private placement with both institutional and accredited investors. The Company received gross proceeds of $3,585,000 through the sale of 646,250 Class A units and 250,000 Class B units, each at $4.00 per unit. Each Class A unit consists of one share of common stock and one five-year warrant to purchase one share of common stock at $4.25. Each Class B unit consists of one share of preferred stock convertible into one share of common stock at $4.00 and one five-year warrant to purchase one share of common stock at $4.25. For a more detailed summary of the material provisions of the Financing Agreements please see the Company's current report on Form 8-K that was filed with the Securities and Exchange Commission today at www.sec.gov.
YOU On Demand intends to use the proceeds from the financing for the continued development of its national Pay-Per-View and Video On Demand platform in China, marketing and promotions, and general corporate purposes.
Chardan Capital Markets, LLC acted as the placement agent for the private placement (www.chardancm.com).
About YOU On Demand Holdings, Inc.
YOU On Demand has secured strategic partnerships with the largest media entities in China, and has a highly experienced management team with a strong background in Cable, Television, Media and Telecom. The company is headquartered in New York, NY, with its China headquarters in Beijing. For more information, visit http://www.yod.com.
SOURCE YOU On Demand Holdings, Inc.