Cinedigm (CIDM) Raises Capital Through Second Lien Loans
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Cinedigm Corp. (NASDAQ: CIDM) (the “Company”) today announced that it sold $2.5 million principal amount of loans (the “Loans”) and 245,000 shares (the “Shares) of the Company’s Class A common stock, par value $0.001 per share (the “Common Stock”) in connection with the Loans. The Loans were made pursuant to the Company’s Second Lien Loan Agreement (the “Loan Agreement”) dated as of July 14, 2016. The terms of the Loan Agreement, and the Loans made thereunder, have been previously disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 19, 2016. The proceeds of the Loans will be used for the payment of fees and expenses incurred in connection with the Loans and for working capital and general corporate purposes, including for development of the Company’s over-the-top, or OTT, line of business. The Loans and Shares were sold to investors including Ronald L. Chez, a member of the Company’s Board of Directors, and Christopher J. McGurk, the Company’s Chief Executive Officer and Chairman.
To date, the Company has closed on $4.5 million principal amount of loans under the Loan Agreement.
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