Files Intent For Mini-IPO Aug 17, 2017 22:10:50 GMT -6
Post by The Ultimate Nullifier on Aug 17, 2017 22:10:50 GMT -6
iPic Entertainment, Parent To Upscale, Dine-In Exhibition Chain, Files Intent For Mini-IPO
iPic Entertainment Inc. said it intends to file a “Regulation A+” IPO in the late fall of this year in an effort to raise up to $30M. Its plans are for a late fall offering. In succession, and subject to NYSE or NASDAQ requirements, iPic plans to list on a National Securities Exchange. It says it intends to use the money raised from the mini-IPO for “key corporate purposes” including working capital, general corporate purposes, including opening new iPics venues and renovating existing ones.
A Regulation A+ or mini-IPO enables companies to raise up to $50M from the public without the same disclosure or fee requirements required in larger IPOs.
The Boca Raton-based exhibitor was founded in 2006 and established itself as a dine-in, luxury chain. It currently operates 121 screens at 16 locations in 10 states with additional five locations under construction. It has other sites as well in various stages of development. It currently operates in California, Florida, Illinois, New Jersey, Texas, Washington and Wisconsin.
The maverick theater chain last year agreed to show Netflix’s original movies in its theaters at the same time they’re available to the streaming service’s customers. It also stood up to the nation’s major exhibitors when it sued AMC Entertainment and Regal Entertainment for making clearance deals with studios that it alleged stifled competition which got the attention of the Antitrust Division of the U.S. Department of Justice and several state Attorney Generals.
TriPoint Global Equities, LLC, working with its online division BANQ, will act as the lead managing selling agent and bookrunner for iPic Entertainment’s offering. Hamid Hashemi, founder and CEO said in a statement: “Today, as we announce our decision to transition from a private company to a public one, we are excited to empower our supporters and 1.7 million members to become part owners of the iPic Entertainment brand experience and company.”