Interplay has announced an investment from DotCorp Asset Management, selling a massive amount of shares to the investor. Here's the release from Interplay:
Interplay (IPLY.OB) Receives Investment from DotCorp Asset Management
Investment Includes Stake in Common Stock & Warrants
LOS ANGELES, Calif. — March 17, 2010 — Interplay today announced that DotCorp Asset Management has acquired 11,625,000 shares of common stock, (including 4.6 million shares of existing treasury stock previously held by Interplay), and a warrant to acquire up to 7.5 million additional shares. DotCorp Asset Management will not be represented on the Interplay board.
“This investment furthers Interplay’s efforts to create new games based on its impressive portfolio of intellectual properties,” said Interplay CEO Hervé Caen. “We are happy to see that our strategy attracts the interest of new investors and it is a real pleasure to welcome DotCorp Asset Management to the ranks of our shareholders.”
“We are excited to find an investment with solid assets and experienced management,” said Steve Rosenblum, co-founder of DotCorp Asset Management. “Interplay’s ongoing emphasis on rejuvenating its amazing games portfolio, together with a lean execution, the PV13 MMO project, and the executives’ motivation make an attractive combination.”
Founded in 1983, Interplay Entertainment is a developer, publisher and licensor of video game software headquartered in Southern California. The company has produced and licensed titles for many of the most popular interactive entertainment software platforms in the action/arcade, adventure/RPG and strategy/puzzle categories. Its portfolio of well-recognized Intellectual Properties includes Battlechess, Clayfighter, Dark Alliance, Descent, Earthworm Jim, Freespace, Giants, Messiah, MDK, Run Like Hell, Sacrifice and Stonekeep. Interplay also holds exclusive distribution rights to certain existing Fallout and Redneck titles. For more information, please visit www.interplay.com.
About DotCorp Asset Management
DotCorp Asset Management is a Paris-based venture capital fund started by Steve and Jean-Emile Rosenblum, who also founded the leading pan-European ecommerce website Pixmania.com. Dotcorp’s mission is to invest in what it perceives to be high growth and high potential companies that have experienced management teams. Dotcorp’s board consists of successful entrepreneurs who actively manage their own companies and can lend their experience to the companies in their investment portfolio.
The following is Interplay's SEC filing pertaining to this transaction, which shows that Interplay managed to sell the shares at a price higher than the $0.06/share they are listed at right now:
On March 17, 2010 the Company sold to Dotcorp Asset Management eleven million six hundred twenty five thousand (11,625,000) shares of Common Stock of the Company (including four million six hundred thousand (4,600,000) existing shares previously held by Interplay as treasury stock) and issued a warrant to purchase 7,500,000 shares of Common Stock of the Company for a total consideration of $982,650. The warrant has a term of four years, an exercise price of $0.10, is immediately exercisable, and was issued in accordance with the terms of the Form of Warrant Agreement filed as Exhibit 10.07 to the Company's Form 10-Q for the period ended March 31, 2008.
Such shares and warrant were issued, and any underlying shares of Common Stock would be issued, in a private placement exempt from registration pursuant to section 4(2) of the Securities Act of 1933. The offering and sale of the shares of common stock were made in a private sale without any general solicitation or advertising and exclusively to an "accredited investor" as defined in SEC Rule 501.
Proceeds of the sale will be used to fund operations, including game development.
Thanks for the heads up orionquest!