GENIUS BRANDS INTERNATIONAL COMPLETES $11.0 MILLION CONVERTIBLE DEBT FINANCING
Genius Brands International, Inc. (GNUS)
NASDAQ:AMEX Investor Relations:
gnusbrands.com/investor-relations
Company Research
Source: GlobeNewswire
BEVERLY HILLS, Calif., March 17, 2020 (GLOBE NEWSWIRE) -- Genius Brands International, Inc. (“Genius Brands” or the “Company”) (NASDAQ: GNUS), a global brand management company that creates and licenses multimedia entertainment content for children, today announced that it has completed a securities purchase agreement to raise $11.0 million through the issuance of Senior Secured Convertible Notes in the principal amount of $13.75 million (reflecting an original issue discount of 20%) (“Notes”). The Notes are convertible into common stock at an initial conversion price of $1.375 per share. Investors also received five-year warrants to purchase 65.5 million common shares at an initial exercise price of $0.26 per share (“Warrants”). The Company raised $7.0 million at closing from the sale of Notes and Warrants and the balance has been secured by full recourse cash secured promissory notes from the investors. The investors can elect to prepay such promissory notes at any time and are
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