Key Developments: Digital Cinema Destinations Corp (DCIN.PH)
7.90USD
26 Apr 2012
$0.06 (+1.16%)
$7.90
--
$5.25
$4.80
17,567
18,891
$8.08
$3.66
Latest Key Developments (Source: Significant Developments)
Digital Cinema Destinations Corp Completes Acquisition of Seven Theaters with Aggregate of 74 Screens from UltraStar Cinemas
Digital Cinema Destinations Corp announced the closing of the purchase of seven theaters with an aggregate of 74 fully digital screens from UltraStar Cinemas. The acquisition includes six theaters located in the Southern California/San Diego market and a seventh theater based near Phoenix, AZ. Digiplex now operates 16 theaters with 159 screens located in CA, PA, CT, NJ and AZ. Full Article
Digital Cinema Destinations Corp Signs Asset Purchase Agreements To Acquire Seven West Coast-Based Theaters With 74 Screens From UltraStar Cinemas
Digital Cinema Destinations Corp announced signing of Asset Purchase Agreements (APAs) for the proposed acquisition of seven movie theaters with an aggregate of 74 fully digital screens from UltraStar Cinemas. Six of the theaters are located in the Southern California/San Diego market and the seventh is based near Phoenix, AZ. The acquisitions are targeted to be consummated by the new joint venture (JV), Start Media/Digiplex, LLC, on December 14, 2012. If the acquisitions are completed, Digiplex's circuit would expand from 9 to 16 locations with 159 screens located in CA, PA, CT, NJ and AZ. The aggregate purchase price for the theaters is anticipated to be approximately $13 million. Full Article
Digital Cinema Destinations Corp Completes Acquisition Of Connecticut-Based Lisbon Landing Cinema 12 Theater
Digital Cinema Destinations Corp announced that it has completed purchase of the fully digital Lisbon Landing Cinema 12 in Lisbon, CT, as described more fully in the Company’s press release issued July 9, 2012. Full Article
Digital Cinema Destinations Corp Signs New Asset Purchase Agreement To Acquire Connecticut-Based Lisbon Landing Cinema 12 Theater
Digital Cinema Destinations Corp announced that the Company and Lisbon Cinema, the owner and operator of Lisbon Landing Cinema 12, have signed a new Asset Purchase Agreement (APA) for the proposed purchase of the 12-plex located at 162 River Road in Lisbon, CT. The new APA replaces a previously terminated version (originally dated February 13, 2012) and incorporates the provisions of the prior agreement with several new provisions, including an acquisition closing date on or before September 15, 2012 and a $50,000 non-refundable payment by the buyer to the seller which will be applied to the purchase price at closing. Digiplex’s obligation to purchase Lisbon Cinema is subject to its securing adequate financing. The acquisition, if consummated, would add a modern, state-of-the-art fully digital entertainment center to Digiplex’s expanding footprint, bringing the Company’s total theatre circuit to 9 cinemas and 85 screens. Full Article
Digital Cinema Destinations Corp Announces Closing of Initial Public Offering
Digital Cinema Destinations Corp announced that it has closed its previously announced initial public offering of 2.2 million shares of Class A common stock at $6.10 per share. The underwriters have been granted an option through June 2, 2012 to purchase up to 330,000 additional shares to cover over allotments, if any. Net proceeds from the offering to the Company were approximately $11.4 million after deducting underwriting discounts and estimated offering expenses. The Company is using the net proceeds from the offering to purchase the Cinema Centers theatre circuit, which includes five newly renovated PA-based theatres and 54 screens. Pro forma after the consummation of the initial public offering and the closing of the Company’s acquisition of the Cinema Centers theatre circuit, the Company will operate eight cinemas and 73 screens in PA, NJ and CT. Maxim Group LLC and Dominick & Dominick LLC acted as joint book-running managers for the offering. Full Article
Digital Cinema Destinations Corp Prices Initial Public Offering
Digital Cinema Destinations Corp announced the pricing of its initial public offering of 2.2 million shares of Class A common stock at $6.10 per share. The underwriters have been granted a 45-day option to purchase up to 330,000 additional shares to cover over-allotments, if any. The Company’s shares are expected to begin trading on the NASDAQ Capital Market today under the symbol “DCIN.” Maxim Group LLC and Dominick & Dominick LLC acted as joint book-running managers for the offering, Full Article
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