NEWS24 June 2019

Comscore investment secured

Financials News North America

US – Cross platform media measurement firm, Comscore, has secured an initial investment in its common stock of about $20m, with the potential to increase to $50m within 12 months, with an institutional investor.

The company said the transaction is anticipated to close in the next couple of days.

Dale Fuller, interim chief executive officer of Comscore, said: "This strengthens our balance sheet and positions us to pursue our refocused growth strategy while providing the flexibility to better apply resources to meet our business objectives, and ultimately drive long-term value for our stockholders."

Comscore will receive upfront proceeds of approximately $20m from the private sale of common stock and the issuance of four series of warrants: Series A Warrants, Series B-1 Warrants, Series B-2 Warrants and Series C Warrants.

The common stock issued at the closing date will be sold at $7.33 per share – a 5.4% discount to the closing price of Comscore’s common stock as of June 21, 2019.  

Comscore is still searching for a new CEO after Bryan Wiener left in April along with president, Sarah Hofstetter, who is not being replaced.