Benzinga | Mar 18, 2021 12:37PM EDT

Liquid Media Shares Are Trading Lower On Proposed $6M Institutional Share Sale

* Business solutions provider Liquid Media Group Ltd (NASDAQ: YVR) inked agreements with several institutional investors for the issuance and sale of 1.79 million shares, at $3.35 per share, in a secondary offering to raise $6 million.

* The offer price signifies a 15% discount to the Wednesday closing price of $3.95.

* The closing of the offering is expected to occur by March 22, 2021.

* The offering proceeds would be utilized for working capital purposes, expanding existing businesses or acquiring or investing in businesses, debt reduction or debt refinancing, capital expenditures, and other general corporate purposes.

* YVR shares have gained 107% in the last seven days, thanks to its distribution agreement with interactive entertainment producer Atari.

* H.C. Wainwright & Co. is the placement agent for the offering.

* Price action: YVR shares traded lower by 21.80% at $3.09 on the last check Thursday.