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FOTV Media Networks Inc., the interrelated group of digital media companies which produces and distributes hologram, virtual reality, 360 and premium Hollywood content globally with an over-the-top (OTT) audience of more than 75 million monthly unique users of its live and on-demand movies and television, has confirmed the launch of its initial public offering of a minimum of 2,500,000 shares of common stock and a maximum of 3,750,000 shares of common stock at $8.00 per share. These shares will be offered on a ‘best efforts‘ basis. On August 12, 2016, FOTV’s registration statement for its initial public offering was declared effective by the US Securities and Exchange Commission.
FOTV expects the offering to close in September 2016, 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. However, there can be no assurance that these conditions will be met. 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.
FOTV is a rapidly expanding collection of integrated, millennial-focused, digital media companies. FOTV’s current operations are conducted through four primary operating subsidiaries:
Monarch Bay Securities, LLC and Network 1 Financial Securities, Inc. are acting as the underwriters for this offering.
FOTV was founded by media entrepreneur Alkiviades (Alki) David in 2007 and launched its streaming video site in the United Kingdom in 2009 and in the United States in 2010. FOTV manages its worldwide business from two central offices located in Beverly Hills, California and London, England.