Ideanomics Inc (IDEX)

[esb1015]

NEW YORK, Aug. 31, 2012 /PRNewswire via COMTEX/ -- YOU On Demand Holdings, Inc. (YOD), China's leading national Pay-Per-View (PPV) and Video On Demand (VOD) platform, announced today that it has closed on a private placement with both institutional and accredited investors. The Company received gross proceeds of $3,585,000 through the sale of 646,250 Class A units and 250,000 Class B units, each at $4.00 per unit. Each Class A unit consists of one share of common stock and one five-year warrant to purchase one share of common stock at $4.25. Each Class B unit consists of one share of preferred stock convertible into one share of common stock at $4.00 and one five-year warrant to purchase one share of common stock at $4.25. For a more detailed summary of the material provisions of the Financing Agreements please see the Company's current report on Form 8-K that was filed with the Securities and Exchange Commission today at .
YOU On Demand intends to use the proceeds from the financing for the continued development of its national Pay-Per-View and Video On Demand platform in China, marketing and promotions, and general corporate purposes.
Chardan Capital Markets, LLC acted as the placement agent for the private placement ().