SYDNEY, June 27, 2014
/PRNewswire/ -- MOKO Social Media Limited (ASX:MKB) will
commence trading on the NASDAQ Stock Market today from 10am EDT (New
York time), following its recent successful million capital
raising.
US investors have secured 1.1 million ADS Nasdaq shares at an
issue price of US$7.50 per American
Depositary Share. Each ADS entitles investors to 40 ordinary fully
paid MOKO shares.
The IPO was received with strong support from institutional and
high net worth investors throughout the US, and if the underwriters
confirm the conversion of the over-allotment, will raise
approximately A$10 million in gross
proceeds.
The NASDAQ listing heralds a critical period of development for
the company with several important company milestones imminent.
The flagship mobile App REC*IT, has completed pilot testing and
will be launched to over 700 US colleges by the end of
September.
This App technology is a powerful social media platform designed
to assist students in organising and managing on-campus sporting,
recreational, fitness and extracurricular activities. It will be
monetised by MOKO through advertising within the user
interface.
MOKO Chief Executive Officer, Mr Ian
Rodwell, said the NASDAQ listing was a critical inflection
point for the company and its investors and was essential to
delivering maximum valuation in the prime commercial market.
He commented: "The US market understands and has a substantial
appetite for social media and digital technology companies like
MOKO.
"Mobile advertising is growing exponentially. We have the
platforms and the user groups in place and we expect to exploit
this opportunity in the short term."
The company has ensured it has a first mover advantage by
signing exclusive agreements with its commercial partners. The
company's strategy of partnering with large interest groups for its
customised applications enables advertisers to reach highly
targeted, segmented and captive audiences.
MOKO's second exclusive agreement is with high profile political
commentator Jimmy Williams to
co-develop a US political mobile social network, known as Blue
Nation Review. The mobile site is now live
(www.bluenationreview.com) with the mobile application expected in
the last quarter of 2014.
MOKO also recently soft launched runhaven.com, a community for
running enthusiast in the US. Reception and engagement on
Facebook for Blue Nation Review and RunHaven has been very positive
thus far.
In addition to milestones from its existing stable of
agreements, MOKO plans to announce additional communities and
projects in the coming months. The first material revenue
generation is expected within the 2015 calendar year.
The NASDAQ public offering was underwritten and led by Chardan
Capital Markets and co-managed by Northland Capital Markets. MOKO
Social Media has been listed on the Australian Securities Exchange
(ASX) since 2007.
Contact
Greg
McCann
|
Rudi
Michelson
|
MOKO Social Media
Chairman
|
Monsoon
Communications
|
02 9299
9690
|
(03) 9620
3333
|
greg.mccann@mokosocialmedia.com
|
rudim@monsoon.com.au
|
About MOKO
MOKO Social Media Limited develops customised mobile community
applications to improve communications within organisations such as
universities, sports bodies and political groupings. MOKO uses its
social platform to work with these organisations to provide
important information to their audience/group members via mobile
devices. MOKO generates revenue from mobile advertising. MOKO
acquired New York based OfferMobi
in August 2012, a mobile specific
advertising platform linking publishers with advertisers wishing to
reach mobile audiences. MOKO has also signed exclusive development
deals with the American Collegiate Intramural Sports Network and
IMLeagues LLC under which it will build a mobile application
promoted on-campus at over 600 US colleges with an addressable
audience of approximately 10 million students. MOKO is also
developing a digital platform for the US running events industry
and participants as well as a social media platform for US
political interests and commentators.
SOURCE MOKO Social Media Limited