LOS ANGELES, CA and NEWARK, NJ / ACCESSWIRE / August 10, 2021 / IDW Media Holdings, Inc. (NYSE American:IDW), an integrated media company, today commented on the successful completion last week of its a capital raise in conjunction with the uplist of its Class B Common stock to the NYSE American.
The Company intends to use the proceeds to significantly enhance its acquisition of original content (intellectual property ("IP")) through partnerships with authors and creators, to upgrade its database and enhance other DTC marketing tools, to refine business intelligence analytics and for general corporate purposes.
"In this past year, we've driven a sea change in IDW's strategy, operations and finances," said Ezra Rosensaft. IDW's Chief Executive Officer. "Strategically, we are focused on the acquisition and development of original IP to meet the huge and growing appetite for engaging original stories and compelling characters in our key markets. With the capital raise successfully concluded, we are well positioned to accelerate volume expansion into additional high-growth genres including enhancements to our TV development slate. As we expand our IP pipeline, we're working to extend our market reach through exciting new content distribution platforms."
The underwritten public offering generated gross proceeds of approximately $10.4 million and net proceeds of $9.6 million after deducting underwriting discounts, commissions, and certain other offering expenses. IDW's Board of Directors, management and associated entities participated significantly, contributing approximately 25% of the offering. Following the offering, the Company has 12.4 million shares of Class B Common stock outstanding.
"Operationally, we are well along in the process of building out the operational teams and capabilities to accelerate execution," Rosensaft continued. "Financially, we expect to continue to improve our bottom-line results. We have made tremendous progress toward eliminating our debt while transitioning to an asset-light balance sheet."
"We will now leverage these accomplishments and our upside potential as an NYSE American listed company with the increased visibility and investor reach that exchange listing entails," Rosensaft added. "All in all, IDW is now well-positioned to create value for our stockholders as we pursue the exciting growth opportunities available to both our publishing and entertainment businesses."
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.
Investor Contact:
IDW Media Investor Relations
[email protected]
SOURCE: IDW Media Holdings Inc.