CARLSBAD, Calif., April 25, 2017 /PRNewswire/ -- NTN Buzztime, Inc.
(NYSE MKT: NTN) today announced that before the market opened today
it entered into a subscription agreement with certain investors
relating to a registered direct offering in which the company would
sell up to 29,566 shares of its common stock to the investors at a
per share purchase price of $7.78,
which was the closing price of the common stock on April 24, 2017. The proceeds to NTN from the
offering is expected to be approximately $221,000 after deducting estimated offering
expenses. The offering is expected to close on or about
April 28, 2017, subject to customary
closing conditions.
The company intends to use the net proceeds of the offering for
general corporate purposes, which may include working capital,
general and administrative expenses, capital expenditures and
implementation of its strategic priorities.
The securities were offered by means of a prospectus supplement
dated April 25, 2017 and accompanying
prospectus dated February 2, 2017
forming a part of the company's registration statement on Form S-3
(Registration No. 333-215271), previously filed with and
subsequently declared effective by the Securities and Exchange
Commission. These documents are available for free by visiting
EDGAR on the SEC web site at www.sec.gov. Alternatively, the
company will arrange to send you the prospectus if you request it
by calling 760-438-7400.
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 or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Buzztime
Buzztime (NYSE MKT: NTN) delivers interactive entertainment and
innovative dining technology to bars and restaurants in
North America. Venues license
Buzztime's customizable solution to differentiate themselves via
competitive fun by offering guests trivia, card, sports and arcade
games, nationwide competitions, personalized menus and self-service
dining features. Buzztime's platform improves operating
efficiencies, creates connections among the players and venues, and
amplifies guests' positive experiences. Founded in 1984, Buzztime
has accumulated over 9 million player registrations and over 136
million games were played in 2016 alone. For more information,
please visit http://www.buzztime.com or follow us on Facebook or
Twitter @buzztime.
Forward Looking Statements
This press release includes "forward-looking statements,"
including with respect to the proposed public offering and the
company's proposed use of proceeds. Forward-looking statements are
subject to known and unknown risks and uncertainties, many of which
may be beyond our control. We caution you that the forward-looking
information presented in this press release is not a guarantee of
future events, and that actual events may differ materially from
those made in or suggested by the forward-looking information
contained in this press release. In addition, forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "may," "plan," "seek," "will,"
"expect," "intend," "estimate," "anticipate," "believe" or
"continue" or the negative thereof or variations thereon or similar
terminology. Any forward-looking information presented herein is
made only as of the date of this press release, and, except as
required by law, we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
COMPANY CONTACT:
Allen Wolff
Chief Financial Officer
NTN Buzztime, Inc.
(760) 438-7400
IR AGENCY CONTACT:
Kirsten Chapman/Becky Herrick, LHA Investor Relations
(415) 433-3777
buzztime@lhai.com
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SOURCE NTN Buzztime, Inc.