Chicken Soup for the Soul Entertainment has reportedly fully subscribed their Reg A+ crowdfunding offer and will trade on NASDAQ August 18th under ticker symbol CSSE. Chicken Soup will join a small group of issuers that have leveraged the updated securities exemption to raise growth capital followed soon after with a listing on a public exchange. Chicken Soup is scheduled to ring the opening bell at NASDAQ this Friday to kick off the successful listing.
The crowdfunding offer sought up to $30 million in a share sale with a minimum sale of $10.8 million at $12 per share. The company indicated in its Offering Circular that if the offer was fully subscribed at 900,000 shares the company held the option to sell an additional 1.6 million shares. Certain existing shareholders also sold shares in the placement. We are not quite certain exactly how much was raised (yet) but it must be north of $10 million.
Chicken Soup for the Soul Entertainment is a provider of positive and entertaining video content that seeks to “bring out the best of the human spirit.” We all know there is plenty of drab and depressing news to go around so perhaps Chicken Soup is the remedy for what ails us.
William J. Rouhana, Jr., Chairman and CEO of Chicken Soup, commented on the investment crowdfunding offer;
“Our customers and fans are passionate about our brand. Going public affords our loyal fans and others the opportunity to participate in the growth of our video content business.”
Chicken Soup also claims a famous supporter. Ashton Kutcher has signed up to serve as an Executive Producer for two new television series.
Reg A+ has been described as a positive catalyst to improve the moribund IPO market. Companies may raise up to $50 million in a scaled disclosure (read less expensive) environment. They may choose to trade their shares immediately following a crowdfunding offer. Utilization of the Reg A+ securities exemption has been picking up steam as of late. More established companies and experienced investment bankers are helping to boost this nascent market sector.
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