Published on April 11, 2019
NEW YORK, April 12, 2019 /PRNewswire/ -- Jerrick Media Holdings, Inc., (OTCQB: JMDA) (the "Company" or "Jerrick"), the creator of Vocal, announced today that on April 11, 2019 it substantially completed its offer to holders of certain of the Company's outstanding warrants (the "Warrants"). The aggregate amount of the Warrants tendered, each with an exercise price of $0.20, represents approximately 91% of the warrants eligible to be exchanged, and 49% of the Company's total outstanding warrants.
"Our tender offer exceeded both expectations and industry standards. We would like to thank all the warrant holders for their consideration and support," commented Jerrick CEO Jeremy Frommer.
The offer was to holders of certain of the Company's Warrants, each with an exercise price of $0.20, to receive an aggregate of 61,832,962 shares of the Company's Common Stock, par value $0.001 per share (the "Shares"), to receive thirty-three thousand three-hundred thirty-three (33,333) Shares in exchange for every one-hundred thousand (100,000) Warrants tendered by the holders of Warrants (the "Tender Offer"). Jerrick exchanged approximately 56,571,598 Warrants as part of the Tender Offer. Participating investors will receive approximately 18,784,878 Shares by April 23, 2019, but likely at an earlier date.
"With this nearly unanimous action by our investors, the Company's capital structure is positioned for growth. We will continue to allocate capital centrally focused on execution of our business plan, including product development and strategic acquisitions," continued Frommer.
The complete terms of the Tender Offer were set forth in the Tender Offer Statement on Schedule TO and related exhibits filed with the Securities and Exchange Commission (the "SEC") on February 14, 2019, as amended. Copies of the Schedule TO, the prospectus and other related materials are available on the SEC's website, at www.sec.gov.
Forward Looking Statements
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