CEO Robert F.X. Sillerman Leads the Investment
NEW YORK--(BUSINESS WIRE)-- FUNCTION(X) INC. (NASDAQ:FNCX) (“Function(x)”, or the “Company”), a leading social publishing and interactive media platform, today announced that it has accepted subscriptions for the issuance of $10,000,000 in restricted Series G Preferred Equity, which will be initially convertible into shares of its common stock at a price of $1.05 per share (the “Placement”). The gross proceeds to Function(x) from this offering are expected to be approximately $10,000,000 before deducting expenses associated with the transaction.
The proceeds of this transaction will be used for working capital and to execute on the Company’s expansion plan, which is an integral part of the Company’s long-term mission to become the preeminent 21st century digital media platform.
Function(x)’s largest shareholder, Robert F.X. Sillerman, Executive Chairman and CEO, led the Placement. “We are pleased to announce this Placement at a milestone moment for Function(x)”, said Robert F.X. Sillerman, Executive Chairman and CEO of Function(x). “This Placement, and the collaborations with our partners to come, enables us to expand and grow the business with the objective of creating the leading digital media platform. We anticipate leveraging our collective resources as we focus on long term value creation.”
