Media-tech company Quint Digital (QDL) recently announced that it has entered into a definitive stock purchase agreement with Lee Enterprises Inc (LEE), a subscription and advertising platform and a leading provider of local news in the US, for participation in a private placement offer aggregating to US$ 50 mn, according to a press release.
This strategic investment is led and backstopped by Anchor Investor David Hoffmann, who has committed approximately US$ 35 mn, along with participation from existing investors, including QDL.
QDL has committed an investment of approximately US$ 7.97 mn at an investment price of US$ 3.25 per share. Post the completion of the transaction, QDL’s stake in LEE will increase to 14.85%.
Subject to customary closing conditions and stockholder approval, LEE expects to receive the full $50 million of gross proceeds at the closing of the transaction, before transaction expenses.
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