Loop Media, which provides ad-supported TV boxes that stream short videos at retail locations, raised $12 million by offering 2.4 million shares at $5.00, within the revised range of $4.50 to $5.50. The company originally planned to offer 4.4 million shares at $2.71, the July 1 close of its shares on the OTC.
Loop Media provides proprietary content streaming boxes to bars, hotels, and stores, through which it generates ad revenues. The company offers music video content licensed from major and independent record labels, as well as movie and television trailers, news headlines, and other videos. The company has licenses with all three major music labels.
Loop Media plans to list on the NYSE American under the symbol LPTV. Roth Capital acted as sole bookrunner on the deal.
