Refreshing our financial health coverage of IDW Publishing parent IDW Media Holdings, the company recently announced the closure of its private placement offering and plans to use those proceeds to continue executing on its strategic priorities.
The full press release is ready for your scanning after the read more jump. Stay tuned to this space for updates then join in the discussion on the 2005 boards!
IDW Media Holdings Closing Successful Rights Offering
Exceeds $22.5 Million Goal
LOS ANGELES, CA / ACCESSWIRE / May 22, 2019 / IDW Media Holdings, Inc. “IDWM” (OTC PINK: IDWM), an integrated media company, announced that it is closing its private placement offering – exceeding its $22.5 million goal.
The Company raised $19.0 million from existing stockholders though the initial and follow-on offering rounds, and has received commitments from outside investors for an additional $4.0 million.
“This is a tremendously exciting time for IDW Media,” said Howard Jonas, IDW’s Chairman and CEO. “With the proceeds of the offering, we are in an outstanding position to create additional value for our shareholders. First and foremost, we have refocused and enhanced our ability to generate and monetize creative content. Within the year, we will have four powerful and original shows distributed on cable and major streaming platforms, and we have more engaging titles in our robust pipeline. Our creative teams are generating new IP within IDW Publishing. IDW Entertainment is developing properties for TV, streaming and, potentially, theatrical releases. We are doing all of this with a lean, efficient team so that our business will operate with increasing profitability.”
The Company is utilizing the proceeds from the rights offering to execute on its strategic priorities, which include production of the four current shows at IDW Entertainment (IDWE), continued development and distribution of new shows in IDWE’s pipeline, and funding growth initiatives within IDW Publishing.
Following the rights offering, the Company has significantly strengthened its balance sheet to support continued progress on these priorities. It has enhanced its cash position, repaid all short-term debt, and reduced overall debt from $21.0 million to $9.0 million. Its remaining long-term debt obligations consist solely of loans to its Chairman and CEO, Howard Jonas.
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the OTC Reporting Service provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
About IDW Media Holdings
IDW Media Holdings, Inc. (OTC: IDWM) is a fully integrated media company. IDWM’s businesses include IDW Publishing – a leading American publisher of comic books and graphic novels, IDW Games, IDW Entertainment-a producer and distributor of franchise content through television and other animated media- Top Shelf Productions, the San Diego Comic Art Gallery, and CTM Media Group, one of North America’s largest distributors of information for tourists and travelers.
Contact:
IDW Media Holdings
Ezra Rosensaft, Chief Financial Officer
[email protected]
SOURCE: IDW Media Holdings, Inc.
kmc
Is there a TL;DR version? Like 'on a scale of 1 to Megatron, what do you think it's good news?'
Vector Oracle
@uranimusprime
^Yeah. I'd like to see Dark Horse take a crack at TF comics.
uranimusprime
Maybe it\'s time to let someone else take a crack at Transformers comics. I\'m just not really into the current direction. I think there is a much better way to tell the story of the beginning of the war than how they\'re doing it. Start when the war is still new and fully blazing and do some flashbacks that properly set it up. That way you get your exposition mixed in with plenty of action and you\'re not boring the crap of the readers. You can still build toward a climactic first showdown between Op and Megs and give it all the weight it fully deserves. I do like the idea of experiencing Cybertron through the eyes of a baby transformer or whatever you want to call him I just think the execution thus far has been lacking.
WishfulThinking
I find the fine print, while probably necessary legally, hilarious.
"All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors."
Strife
The comics book industry is a blackhole for money. It\'s mindboggling anyone would invest in an IDW that is selling itself mostly on its own IP, when its the liscenced IPs that make IDW anything at all.
And things aren\'t exactly looking up in the whole liscenced IP department either.
AzT
IDW Media Holdings: Closing Successful Rights Offering, Raised Total of $23 Million – Transformers News – TFW2005