RMG Networks Blog

As of the offering period expiration time, 3,417,348 public warrants had been tendered and not properly withdrawn pursuant to the exchange offer, which represented approximately 43% of the 8,000,000 outstanding public warrants (and approximately 26% of the total number of outstanding warrants, including 5,066,666 sponsor warrants). Based upon an exchange ratio of eight warrants for one share of common stock, the Company expects to issue approximately 427,169 shares of common stock. Because fewer than 65% of the Company’s outstanding public warrants were tendered pursuant to the exchange offer and consent solicitation, the proposed amendment to the warrant agreement governing the warrants was not approved.

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