YouBet Share Offering

0

Youbet.com, Inc. said it will offer 6.2 million shares of its common stock in an offering this week.


The offering, at $3.25 per share, is espected to net the Woodland Hills-based on-line betting firm about $18.5 million after agent fees and other expenses. The price represents a discount of 6.6 percent to the stock’s closing price Friday of $3.48.


Youbet.com said it plans to use the proceeds for general corporate purposes and to meet its payment obligations under $10.2 million in promissory notes issued in connection with its acquisition of United Tote. The offering is expected to close on Dec. 20.


Shares in YouBet were down 15 cents to $3.33 in early Monday trading.

No posts to display