Rare Medium Group Announces Public Offering of Common Stock
NEW YORK, Feb. 1 /PRNewswire/ -- Rare Medium Group, Inc. (Nasdaq: RRRR - news) today announced that it has filed a registration statement with the Securities and Exchange Commission relating to a public offering of 2,500,000 shares of its common stock. Rare Medium Group, Inc. has also granted the underwriters an option to purchase up to an additional 375,000 shares of common stock solely to cover over-allotments. All shares will be offered by Rare Medium Group, Inc. The number of shares to be offered is subject to change.
The managing underwriters selected for this public offering are Credit Suisse First Boston, Deutsche Banc Alex. Brown and Robertson Stephens.
Rare Medium is an Internet-focused company that provides Internet professional services to companies; invests in and develops, manages and operates companies in selected Internet-focused market segments; and takes strategic equity positions in companies that it believes possess superior Internet-focused business models.
Rare Medium intends to use the net proceeds from the public offering to continue to make venture and incubator investments and develop its existing incubator companies and to invest in and provide working capital for its Internet services business.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
When available, a copy of the preliminary prospectus relating to this offering may be obtained from the offices of Credit Suisse First Boston Corporation, Eleven Madison Avenue, Attn: Prospectus Department, New York, NY, 10010-3629 (Telephone: 212-325-2580).
Except for historical matters contained herein, the matters discussed in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements reflect numerous assumptions and involve risks and uncertainties that may affect Rare Medium Group, Inc. and its subsidiaries' business and prospects and cause actual results to differ materially from these forward-looking statements. Among the factors that could cause actual results to differ are Rare Medium Group, Inc.'s limited operating history; competition; low barriers to entry; reliance on strategic relationships; rapid technological changes; inability to complete transactions on favorable terms and those risks discussed in the company's filings with the Securities and Exchange Commission.
SOURCE: Rare Medium Group, Inc. |
