Equity investors say it had to be YOU On Demand
Editor | 02-09-2012
China's leading national pay-per-view (PPV) and video on demand (VOD) platform, YOU On Demand, has closed on a private placement worth $3.6 million with institutional and accredited investors.
In addition to its VOD, PPV and NVOD offerings, YOU On Demand consists of a portfolio of businesses that include alliances with Chinese media operators, as well as end-to-end content delivery and billing solution as well as an array of value added services.
In the financing round, 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.
YOU On Demand sasy that it will use the investment to fund the cocntunued development of its PPV and VOD platforms in China. It will also use the money for marketing and promotions, and general corporate purposes.