MOKO Social Media Announces Pricing of NASDAQ Initial Public Offering
June 26 2014 - 11:49PM
Business Wire
MOKO Social Media Limited (NASDAQ GM MOKO, ASX Code MKB) , a
provider of highly tailored mobile social community platforms
containing premium and targeted mobile advertising to select
audiences who need to share their content and information with
their members, announced today that it has priced its U.S. initial
public offering of 1.1 million American Depositary Shares (“ADSs”),
each representing 40 ordinary shares of the Company, at a public
offering price of US$7.50 per ADS. The ADSs are expected to begin
trading on the NASDAQ Global Market on June 27, 2014 under the
symbol “MOKO.” The closing of the initial public offering is
expected to occur on July 1, 2014, subject to customary closing
conditions.
The total gross proceeds of the offering are expected to be
$8.25 million, which would be increased to approximately US$9.5
million in the event of the exercise by the underwriters of their
30-day option to purchase up to an additional 165,000 ADSs solely
to cover over-allotments, if any. The Company intends to use the
net proceeds of the offering for general corporate purposes,
including the hiring of additional technology staff in Australia
and sales and marketing associates in the U.S., the purchase or
lease of additional information technology infrastructure such as
servers and ongoing business development.
Chardan Capital Markets and Northland Capital Markets acted as
joint book-running managers for the initial public offering.
Northland Capital Markets is the trade name for certain equity
capital markets and investment banking activities of Northland
Securities, Inc., member FINRA/SIPC. A copy of the prospectus
related to the offering may be obtained from Chardan Capital
Markets, LLC, 17 State Street, Suite 1600, New York, New York,
10004, Attn: Scott Blakeman or Northland Capital Markets, at 45
South 7th Street, Suite 2000, Minneapolis, MN 55402, Attn: Andrew
Pafko, apafko@northlandcapitalmarkets.com.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission on
June 26, 2014. The offering is being made solely by means of a
prospectus. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About MOKO Social Media
We provide providing customized mobile social community
platforms to large organized groups that need to share content and
to interact efficiently with their members on a regular basis.
These customized mobile platform solutions are developed entirely
by MOKO and then distributed at no charge to these groups and their
members, in return for certain exclusive access and for advertising
rights. We plan to commercialize these products with premium
targeted mobile advertising.
We believe that we are different from traditional online social
media because we build highly tailored mobile community
applications that generic social networks generally do not. Our
technology platform has been designed to enable a high degree of
flexibility, permitting us to design and build customized
applications. Our technology presently is represented by three
products which are in the process of development and launch in the
United States: REC*IT, RunHaven and “Blue Nation Review.”
Special Note on Forward-Looking Statements
This press release contains information that constitutes
forward-looking statements and uses forward-looking terminology
such as “anticipate” “propose” “expect” and “will,” negatives of
such terms or other similar statements. You should not place undue
reliance on any forward-looking statement due to its inherent risk
and uncertainties, both general and specific. Although we believe
the assumptions on which the forward-looking statements are based
are reasonable and within the bounds of our knowledge of our
business and operations as of the date hereof, any or all of those
assumptions could prove to be inaccurate. Risk factors that could
contribute to such differences include the performance of the
United States and global capital markets and companies in our
sector, as well as factors relating to the performance of our
business, including intense competition we face; failure to
innovate and provide products and services that are useful to
users; our ongoing need for capital for investment in new and
existing business strategies and new products, services and
technologies, including through acquisitions; our dependence on
advertising revenues; the potential for declines in our revenue
growth rate and downward pressure on our operating margin in the
future; increased regulatory scrutiny that may negatively impact
our business; legal proceedings that may result in adverse
outcomes; failure to maintain and enhance our brand; uncertainty as
to our ability to protect and enforce our intellectual property
rights; and uncertainty as to our ability to attract and retain
qualified executives and personnel. The forward-looking information
provided herein represents the Company's estimates as of the date
of the press release, and subsequent events and developments may
cause the Company's estimates to change. The Company specifically
disclaims any obligation to update the forward-looking information
in the future. Therefore, this forward-looking information should
not be relied upon as representing the Company's estimates of its
future intentions as of any date subsequent to the date of this
press release.
MOKO SOCIAL MEDIA LIMITEDStephanie Prince, +61 2 9299 9690F: +61
2 9299 9629contact@MOKO.mobiMOKOsocialmedia.com
Moko Mobi (ASX:MKB)
Historical Stock Chart
From May 2024 to May 2024
Moko Mobi (ASX:MKB)
Historical Stock Chart
From May 2023 to May 2024