RhythmOne PLC Deferred Consideration Payment to RadiumOne Inc (4411L)
19 July 2017 - 4:00PM
UK Regulatory
TIDMRTHM
RNS Number : 4411L
RhythmOne PLC
19 July 2017
RHYTHMONE PLC ANNOUNCES DEFERRED CONSIDERATION PAYMENT TO
RADIUMONE, INC.
London, England and San Francisco, CA - 19 July 2017 - RhythmOne
plc (LSE AIM: RTHM, "Company" or "1R"), a digital advertising
technology company that connects audiences with brands through
content across devices, today announces that it has made a deferred
consideration payment in the amount of $5M in cash to RadiumOne,
Inc., associated with the transaction that closed on 26 June
2017.
Pursuant to the terms of the transaction agreement, the Company
acquired certain assets and related liabilities from RadiumOne,
Inc. for consideration of up to $22M. The consideration included an
upfront payment of $5.5M in cash with up to a further $16.5M being
held back as security for certain indemnification obligations of
RadiumOne, Inc. and payable at a future date in Company shares or,
in certain circumstances, cash at the Company's discretion.
The deferred consideration amount resulted in 30,956,849 Company
shares being held back from the consideration payable on closing
based on a price of $0.53 per share. The current payment of $5M in
cash against this deferred consideration amount reduces the number
of Company shares held back by 9,380,864, for a current maximum
number of 21,575,985 Company shares to be issued by the Company at
a later date, not to exceed one year from the date of closing. Any
Company shares issued will be subject to a lock-up of one year from
the date of closing, subject to limited exceptions.
About RhythmOne
RhythmOne is a technology-enabled digital media company that
connects online audiences with brands through premium content
across devices. Founded in 2004 in the UK, the Company pioneered
Internet video search and works with digital advertisers,
publishers and content providers to offer fully integrated,
cross-screen solutions that span desktop and mobile video, rich
media, display, social and native advertising, and content formats.
Through its fully integrated programmatic platform, RhythmMax, the
Company offers digital advertising inventory across owned,
controlled and extended supply sources. The RhythmMax platform
includes unique brand safety technology, RhythmGuard, which
combines leading third-party verification and proprietary filtering
technologies to ensure inventory quality in brand safe
environments. RhythmOne's goal is to maximize the return on
advertising spend and provide the most efficient and effective
marketplace for digital advertising. The Company is headquartered
in San Francisco, United States with offices in the US, UK and
Canada. For more information, please visit www.rhythmone.com.
Press Contacts for RhythmOne
Analyst and Investor Financial Media Contacts
Contact Edward Bridges / Charles
Dan Slivjanovski Palmer
RhythmOne plc FTI Consulting LLP
(UK) 020 3727 1000
Nomad and Broker for
RhythmOne
Nick Westlake (Nomad)
/ Lorna Tilbian /
Toby Adcock / Mark Lander
Numis
(UK) 020 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange
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