Leaf Group raised $23.3 million in a secondary public offering of its stock on Feb. 12.
Funds will be used for working capital and potential acquisitions, the Santa Monica-based company announced earlier this month. The firm sold 3,373,332 shares of its common stock, including full exercise of the underwriter’s option to purchase additional shares of common stock, at a public offering price of $7.50 per share.
Leaf Group runs a diversified portfolio of e-commerce and online publishers, including home décor e-tailer Society6 and how-to website eHow. The company is working on a turnaround after years of declining revenue and losses. In December, its Chief Executive Sean Moriarty said the firm would be profitable, on an EBITDA basis, in the fourth quarter of 2018.
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