Key Developments: MGT Capital Investments Inc (MGT)
5.17USD
21 May 2013
$0.14 (+2.75%)
$5.03
$5.20
$5.35
$5.02
433,637
185,866
$7.46
$2.72
Latest Key Developments (Source: Significant Developments)
MGT Capital Investments Inc Closes $5.9 Million In Equity Financings
MGT Capital Investments Inc announced the closing of two separate equity financings, each primarily subscribed by various institutional investors, resulting in gross proceeds to the Company of $5.9 million. The $5.9 million of financing was comprised of $4.5 million from the sale of Series A Convertible Preferred Shares (which included Warrants to purchase shares of MGT common stock), and $1.4 million from the sale of 453,000 shares of MGT Common Stock at $3.01 per share under its current S-3 Registration Statement declared effective by the SEC on September 25, 2012. The Series A Preferred Shares are convertible into the Company’s common stock at a fixed price of $3.26 per share and carry a 6% dividend. The associated Warrants have a five-year life and are exercisable at $3.85 per MGT share. Chardan Capital Markets LLC acted as sole financial advisor in the sale of the Preferred Shares and Warrants. Full Article
MGT Capital Investments Inc Acquires Majority Interest In MGT Gaming, Inc
MGT Capital Investments Inc announced the Board of Directors has decided to pursue the acquisition of patents and underlying technologies with the intent of commercializing and/or enforcing the economic rights to such inventions. The Company’s first purchase addresses methods of play used in fast-growing segments of the slot machine business. MGT announced that it has agreed to acquire a majority interest in MGT Gaming, Inc., which has entered into a binding agreement to acquire U.S. Patent #7,892,088, entitled 'Gaming Device Having a Second Separate Bonusing Event.' The invention specifically relates to gaming systems linked to an interactive sign, and includes all filed continuation patents. The United States Patent and Trademark Office issued this patent on February 22, 2011; the corresponding patent application was filed on October 18, 2001. The patent’s inventors will retain a minority stake in MGT Gaming; full terms will be disclosed upon the closing of the transactions contemplated in the agreement, which is subject to customary closing conditions. Full Article
MGT Capital Investments Inc Names Robert Ladd As President And Chief Executive Officer
MGT Capital Investments Inc announced that Robert Ladd has been named President and Chief Executive Officer, effective January 9, 2012. Mr. Ladd had previously served as interim President and Chief Executive Officer of the Company. Full Article
MGT Capital Investments Inc Concludes Rights Offering
MGT Capital Investments Inc announced that it has raised approximately $780,000 in a direct rights offering to its shareholders. All 31,240,472 shares subject to subscription rights were sold pursuant to the Basic Subscription Privilege and the Oversubscription Privilege described in the Prospectus. In addition, there were unfulfilled oversubscription requests to purchase an additional 9,996,453 shares. The rights offering expired as of 5:00 p.m. Eastern Time on December 23, 2011. Full Article
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