Modern Media Acq. MMDMU, R, W
Trust 10.46 for redemption June 14.
No additional cash to trust.
extended from June 17, 2019 to September 17, 2019
In connection with the Extension, stockholders elected to redeem 13,350,654 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”). Following such redemptions, approximately 6,581,665 shares of Common Stock will remain issued and outstanding.
Akazoo Presentation March 2019
20,700,000 units including overalot.
Unit = 1 com, 1 Rt, 1/2 wt.
Trust =
1 Wt + $11.50 > 1 com. Call 18. Can call cashless.
Akazooo merger announcement.
Deadline 18 months or 21 w/term sheet. February 17, 2019
Effective as of October 31, 2018, the Company signed a non-binding letter of intent with a private company that sets forth the preliminary terms and conditions of a potential business combination. As a result, pursuant to the provisions of the Company’s seconded amended and restated certificate of incorporation, the Company has until February 17, 2019 to consummate its business combination.
Macquarie - Co EarlyBird, Cown, Ibanker.
Trustee Continental
Our sponsor, Modern Media Sponsor, LLC
Our sponsor is 50% owned by MIHI, a wholly owned subsidiary of Macquarie and a part of Macquarie Capital.
MIHI has served as co-sponsor of two previous blank check companies that completed successful business combinations. MIHI served as co-sponsor of Terrapin 3 Acquisition Corporation (“Terrapin 3”). Terrapin 3 raised gross proceeds of $213 million in its initial public offering in July 2014. In December 2016, Terrapin 3 completed a business combination with Yatra Online, Inc. (“Yatra”), a leading Indian online travel agency and travel search engine. Yatra trades on NASDAQ under the symbol “YTRA.”
MIHI also served as co-sponsor of Hydra Industries Acquisition Corp. Hydra Industries Acquisition Corp. raised gross proceeds of $80 million in its initial public offering in October 2014. In December 2016, Hydra Industries Acquisition Corp. completed an acquisition of Inspired Gaming Group (“Inspired”), a global games technology company supplying Virtual Sports, Mobile Gaming and server-based gaming systems with associated terminals and digital content to regulated betting and gaming operators around the world. Inspired trades on NASDAQ under the symbol “INSE.”
Our President and Chief Executive Officer (“CEO”) and Chairman, Lewis W. Dickey, Jr., is the former Chairman, President and CEO of Cumulus Media Inc. (“Cumulus”). Cumulus is the country’s second largest radio company, owning and operating 460 stations in 90 markets and the WestwoodOne radio network. Mr. Dickey co-founded Cumulus in 1997, and in 2000 became its Chairman and CEO. During his 19 years at
Cumulus, Mr. Dickey built the company through over 150 separate transactions, growing the company from a startup to more than $1.2 billion in annual revenue and 6,500 employees.
Mr. Dickey is also co-founder and chairman of DM Luxury, LLC (“DM”) which acquired Modern Luxury Media (“Modern Luxury”), a publisher of luxury lifestyle magazines, in 2010, out of receivership, for $25 million, approximately three years after it was sold for $250 million. At the time of DM’s purchase, Modern Luxury had annual losses of approximately $5 million and cash revenue of approximately $41 million. Over the last six years, DM has increased its cash revenue, becoming profitable, and we believe it is now the country’s largest regional magazine company with 67 magazines in 19 luxury markets, and it continues to expand as a premier local brand activation platform for the luxury market. Mr. Dickey’s partner in DM is an affiliate of Macquarie, which, as described below, is an affiliate of our sponsor.
In 1993, Mr. Dickey and his family bought two radio stations in Atlanta out of bankruptcy for $6.8 million. Mr. Dickey changed the programming formats of the stations, completely re-staffed them and effected a dramatic turnaround. In 2000, the Dickey family sold one of the two stations to Cox Communications for $285 million—which remains one of the highest prices ever paid for a single radio station. The family still owns and operates the remaining station under the brand name 680 The Fan, which is one of the country’s most popular pure sports talk radio stations.