Business
Hannover House Discloses Structure of $8-MM Funding for MyFlix Streaming Venture
Hannover House Discloses Structure of $8-MM Funding for MyFlix Streaming Venture.
About this update from Hannover House, Inc.
[{"type":"text","content":"FAYETTEVILLE, AR / ACCESSWIRE / June 16, 2021 / In response to improved volume and pricing of its shares, Hannover House, Inc. (OTC PINK:HHSE) has modified the structure and pricing for up to eight-million dollars that the company hopes to raise this summer from a premium stock offering to support the new, multi-studio streaming venture, MyFlix. The company had previously stated its intention to offer large investors, funds, private individuals and institutions shares to support MyFlix at a price that would be a premium to the prevailing market price for HHSE shares. As interest in Hannover House and MyFlix has grown over the past few months, the company was motivated to modify the asking prices for shares under the offering.The company's offering will be comprised of three tranches of stock. The first 30-million HHSE shares will be offered at $.05 each; the second tranche of 30-million HHSE shares will be offered at $.08 each; the final tranche will consist of 40-million HHSE shares at $.10 each."As awareness for MyFlix builds, we believe that smart investors will recognize the incredible, ground-floor opportunity and historically low share pricing for the first multi-studio digital streaming superstore," said Eric Parkinson, CEO of Hannover House and MyFlix. "We believe that the company's business model can support a share price that will quickly make even our third tranche pricing into a tremendous value," he concluded.The complete share pricing strategy for the MyFlix raising by Hannover House, Inc. was disclosed in a Form 8 Information Statement posted with the Securities and Exchange Commission. The S.E.C. disclosure covering this topic reads as follows:S1 OFFERING - INITIAL PRICING ADJUSTMENT - In respect of a recent improvement in both the volume and price per share for HHSE common stock, the Board of Directors reviewed a proposal to adjust the S1 offering to set higher pricing and lower total shares sold as a means to achieve the same corporate fund-raising goal (e.g., $1.5-mm initially, $2.5-mm as a secondary raising and $4-mm as a final raising). As previously structured, each raising was to offer 50-million common stock shares. The first offering was to offer shares at $.03 each, followed by offerings at $.05 and $.08 for the second and third tranches, respectively. Due to the improvement in the H...