Key Developments: Spark Networks Inc (LOV)

Spark Networks Inc Announces Proposed Offering Of 5,710,000 Shares Of Common Stock
Tuesday, 23 Apr 2013 10:03pm EDT 

Spark Networks Inc announced that it intends to offer, 2,140,000 shares of common stock. Great Hill Partners, LLC and affiliates, as a selling stockholder, also intends to sell 3,570,000 shares of common stock for a total offering amount of 5,710,000 shares. Great Hill Partners, LLC and affiliates have granted the underwriters a 30-day option to purchase an additional 856,500 shares of common stock to cover over-allotments, if any. Spark Networks currently intends to use net proceeds from this offering for general corporate purposes, which may include working capital, sales and marketing activities and general and administrative matters. The Company may also use a portion of net proceeds to acquire or invest in complementary businesses, technologies, or other intellectual property, although it has no present commitments or agreements to do so. Spark Networks will not receive any proceeds from the sale of common stock by the selling stockholder. William Blair and Stifel are acting as joint book-running managers and Canaccord Genuity is acting as co-manager for the offering.  Full Article