“Fan-owned” film studio Legion M is nearing the close of its most recent securities offering. The longtime crowdfunding proponent is scheduled to complete its ninth online securities offering in the past eight years. The company has utilized several different platforms in the past.
The current offering is listed on StartEngine using the Reg A+ securities exemption, which allows both accredited and non-accredited investors to participate in the sale. Legion M is pitching common equity at a pre-money valuation of $58.68 million. The offering page indicates that almost $5 million has been committed to the round, backed by over 15,000 investors. This is the largest funding round in the history of the firm. The offering is for shares ina Series LLC which then holds the securities.
Jeff Annison, co-founder and President of Legion M, said in a release that the current round is a significant milestone and the company has “built an award-winning movie studio.”
Like many early-stage firms, Legion M is sustaining losses. For the first six months of 2023, the company booked a net loss of around $1.2 million. The company reports a cumulative deficit of over $18 million.
The company aims to “run a responsible business that provides a long-term financial return for our investors.” At the same time, Legion M references “emotional ROI” as many investors want to support the entertainment firm.
The round is scheduled to close on October 11th. You may review the Legion M Offering Circular here.
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