By Adam R Jacobson
RBR + TVBR
FOTV Media Networks Inc. produces and distributes patented hologram shows, virtual reality, live shows, live broadcasts and premium OTT streaming content.
It now wants an IPO on Nasdaq, and it’s going to the people — via a crowd-sourcing campaign — to do it.
To drum up support, FOTV is set to use television and radio — AM, FM and Sirius XM — in a big way. Spots will air on such pay-TV networks as CNBC, Bloomberg and Fox Business. Paid ads will air on Howard Stern’s Siriux XM channels, and on talk shows hosted by Glenn Beck, Sean Hannity and Rush Limbaugh.
Ads soliciting everyday people as investors will also appear on all JetBlue flights via the television programming shown by the airline.
The commercials and emails explain the offering, and how FilmOn TV Networks Inc., Hologram USA FOTV Productions Inc. (which controls content for the patented technology behind the famous Tupac Shakur, Michael Jackson and Whitney Houston holograms), CinemaNow LLC, and OVGuide Inc., work together to form an integrated, millennial-focused digital media network taking the FOTV name.
FOTV Media Networks CEO Alki David explains, “With this crowd financing campaign, we believe we’re giving the public the chance to invest in the kind of tech IPO they’ve traditionally been shut out of. This is an extensive crowd financing event that gives the public a stake in the future of a fast-growing media company.”
FOTV’s IPO is for a minimum of 2.5 million shares of common stock and a maximum of 3.75 million shares of common stock, at $8.00 per share. These shares will be offered on a “best efforts” basis. FOTV’s registration statement for its initial public offering was declared effective by the Securities and Exchange Commission on August 12.
FOTV expects the offering to close on or before October 11, subject to the receipt of investor commitments for the minimum offering amount and satisfaction of other customary closing conditions, and that its shares will begin trading on the Nasdaq Capital Market under the symbol “FOTV” shortly after closing.
FOTV intends to use the proceeds of the offering to finance acquisitions of, or investments in, Internet video content, to buy and aggregate complementary businesses, to accelerate marketing and promotional activities to improve its advertising sales and brand awareness, and for general corporate purposes.
Monarch Bay Securities, LLC is acting as the sole representative of the underwriters and, together with Network 1 Financial Securities, Inc., is acting as co-manager for this offering.
