SOURCE: KIT digital, Inc.

KIT digital, Inc.

September 20, 2011 08:30 ET

KIT digital Closes $35 Million Overall Public Offering of Common Stock

NEW YORK, NY and PRAGUE, CZECH REPUBLIC--(Marketwire - Sep 20, 2011) - KIT digital, Inc. (NASDAQ: KITD), a premium cloud-based software solutions and technology services provider for multi-screen video management and delivery, has closed its previously announced public offering of 3,200,000 shares of its common stock at $9.50 per share, for gross proceeds to the company of approximately $30.4 million. The company simultaneously closed the sale of an additional 480,000 shares of common stock at the public offering price of $9.50 per share for gross proceeds to the company of $4.6 million, pursuant to the 30-day over-allotment option exercised in full at the election of the underwriters.

The aggregate number of shares sold by KIT digital in the public offering was 3,680,000 shares, for gross proceeds of approximately $35 million. After deducting underwriting discounts, commissions, legal fees, and certain deal-related expenses payable by the company, KIT digital expects to receive approximately $32.3 million in net proceeds from the public offering.

KIT digital intends to use the net proceeds from the offering to fortify its balance sheet.

Canaccord Genuity acted as sole book runner, with Allen & Company LLC as co-lead manager, and Roth Capital Partners and Janney Montgomery Scott acting as co-managers.

The offering was made by a prospectus filed with the U.S. Securities and Exchange Commission (SEC) under the Securities Act of 1933, as amended. Copies of the final prospectus may be obtained from the offices of Canaccord Genuity Inc., Attn: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, Phone: 1-800-225-6201.

The shares of common stock issued by the company in the offering were registered pursuant to a registration statement on Form S-3 (File No. 333-169918) filed by the company on October 13, 2010 with the SEC. On October 22, 2010, the SEC declared the registration statement effective.

This press release does not constitute an offer to sell or solicitation of an offer to buy any securities. Any such offer may be made only pursuant to the company's final prospectus and prospectus supplement for the offering and only in states in which the offering is registered or exempt from registration and by broker-dealers authorized to do so. The securities to be offered involve a high degree of risk.

About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a premium provider of end-to-end video management software and related services. The KIT Video Platform, the company's cloud-based video asset management system, enables enterprise, media & entertainment and network operator clients to produce, manage and deliver multi-screen socially-enabled video experiences to audiences wherever they are. KIT digital services more than 2,300 clients in 50+ countries including some of the world's biggest brands. KIT digital maintains executive offices in New York and its operational headquarters in Prague, Czech Republic, with offices in 21 countries around the world. Visit the company at www.kitd.com or follow on Twitter at www.twitter.com/KITdigital.

KIT digital Forward-Looking Statement
This press release contains certain "forward-looking statements" related to the businesses of KIT digital, Inc., which can be identified by the use of forward-looking terminology such as "intends" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as expected. Certain of these risks and uncertainties are or will be described in greater detail in our public filings with the U.S. Securities and Exchange Commission. KIT digital is not under obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact Information

  • KIT digital Contact:
    Gannon Hall
    Executive Vice President, Marketing
    Tel. +420 724 391 434
    Email Contact

    KIT digital Investor Relations Contact:
    Matt Glover or Geoffrey Plank
    Liolios Group, Inc.
    Tel. +1-949-574-3860
    Email Contact