LiveWire Mobile, Inc announced that it has received $0.80 million in funding.
May 02, 2012 at 12:00 am EDT
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LiveWire Mobile, Inc. (OTCPK:LVWR) announced a private placement of senior secured convertible notes for gross proceeds of $800,000 on May 2, 2012. The securities will be issued pursuant to Regulation D. The round included participation from three existing investors. The notes mature on June 8, 2013, bearing interest at 10% per annum, and are convertible into common stock at any time at the option of the note holders at an initial conversion rate of $0.37 per common share, subject to adjustment. The notes are secured by all of the assets of the company and contain certain operating and financial covenants applicable to the company. Interest is earned quarterly on the notes from the date of issuance and is payable the first day of each following quarter, beginning July 1, 2012. The company intended to raise $2,000,000 in the transaction.
On the same day, the company raised funding.
In July 2012, the company announced that it will raise additional funding in the transaction.
On September 28, 2012, the company announced that it expects to receive additional $1,200,000 in funding.
Live Microsystems, Inc. is a provider of digital entertainment solutions for network operators, consumer device manufacturers, brands and media companies operating in the mobile market. The Companyâs range of content services include applications, video, games, ringback tones, ringtones, digital rights management (DRM)-free full-track music, e-books and more, as well as application and portal development, mobile advertising solutions, integrated content publishing and merchandising and managed value added services (VAS) operations. The Company sells its platforms as a bundled product and service offering, including installation, maintenance and support, professional services, and training. The Company derives its revenue from two sources: services, including managed services, maintenance and support services, professional services, and sales of products, including hardware and software licenses.