Rande,
Playing PTET this week in hopes that the HITS IPO goes. Riskier than I'm use to but have followed for a while.
Item 5. Other Events.
Platinum Entertainment, Inc. (the "Company") confirms its equity ownership in
musicmaker.com, totaling 798,856 shares of common stock, whose initial public
offering is expected to price at $12-14 per share under the symbol "HITS."
The Company purchased its stake in musicmaker.com, the Internet's largest music
download and custom CD vendor, for $750,000 in common stock of the Company,
par value $.001 per share ("Common Stock") last year.
On July 1, 1999, Steven Devick, the Company's Chairman, President and Chief
Executive Officer, agreed to purchase 2,500 shares of the Company's Series C
Preferred Stock plus accrued dividends and warrants to purchase 84,375 shares
of Common Stock held in the name of Platinum Venture Partners, II L.P. for
consideration of $3,014,000. Mr. Devick is an executive officer of the
general partner of Platinum Venture Partners, II L.P.
On May 18, 1999, the Company received $3,000,000 in aggregate consideration for
the sale of 423,280 shares of Common Stock to Special Situations Private Equity
Fund, L.P., Special Situations Fund III, L.P., Special Situations Technology
Fund, L.P. and Special Situations Cayman Fund, L.P.
Following these and other issuances, the Company has 7,310,421 shares of
Common Stock outstanding.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Platinum
Entertainment, Inc. has duly caused this Current Report to be signed on its
behalf by the undersigned, hereunto duly authorized, on this 1st day of July,
1999.
PLATINUM ENTERTAINMENT, INC. |
