SEATTLE (October 19, 2017) -- Maven Network Inc. (OTCQB: MVEN) announced that on October 19th, the Seattle-based digital media startup completed a private placement of its common stock, selling 2,391,304 shares at $1.15 per share, for total gross proceeds of $2,750,000.
Net proceeds after issuance costs are approximately $2,700,000 million.
MDB Capital Group LLC acted as the placement agent for the offering. MDB Capital Group is receiving a placement agent fee of 119,565 shares of common stock and warrants to purchase 119,565 shares of common stock at $1.15 per share. The shares issued to the investors and MDB Capital Group and the shares underlying the warrants are restricted and have registration rights. The registration statement is to be effective no later than February 12, 2018.
Maven is an expert-driven, group media network, whose innovative platform serves, by invitation-only, a coalition of professional, independent channel partners. By providing broader distribution, greater community engagement and efficient advertising and membership programs, Maven enables partners to focus on the key drivers of their business: creating, informing, sharing, discovering, leading and interacting with the communities and constituencies they serve. Based in Seattle, Maven is publicly traded under the ticker symbol MVEN. The executive team and operational board members include digital media pioneers James Heckman, Ross Levinsohn and Josh Jacobs and technology innovators Bill Sornsin and Ben Joldersma. For more insight, head to themaven.net.
About MDB Capital Group:
MDB Capital Group develops technology companies that possess meaningful technology that has the potential to impact large commercial markets and benefit humanity. MDB maximizes the value of these technology companies by helping position them to be the dominant leader in their domain and connecting them with a base of high-quality investors. For more information, visit www.mdb.com.
This information release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered to be “forward-looking statements.” Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include: our ability to launch our group media network; our ability to expand the number of media channel partners; obtaining sufficient user traffic; managing our growth and our ability to address the risks that a new enterprise may encounter from time to time; our ability to obtain intellectual property protection for our assets; our ability to accurately estimate our expenses and cash use and raise additional funds when necessary; our ability to address regulatory and market developments that affect our operations and generating usage; and competition. These and additional risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission at www.sec.gov, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. These documents may be read free of charge on the SEC's web site at www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Information contained on our website is not considered to be a part of, nor incorporated by reference into, this information release or any filing made by the Company with the Securities and Exchange Commission.