Change: offered +6% / raised +6% / placed 100%
StoryPress re-opened and closed its unregistered equity offering after increasing the placement’s size from $250,000 to $265,000. It appears all the remaining $15,000 worth of securities were placed among the six investors that were already disclosed in StoryPress’ filing on April 18th. At the time they had invested $250,000 in the financing round. It took one month for the offering to be fully subscribed and close. The offering’s expected net proceeds amount to $215,000, excluding $50,000 earmarked for the payment of officers’ salaries. The company closed three unregistered private placements which raised an estimated $340,000.
The company developed a mobile application (app) to capture spoken stories, illustrate them and save them on the cloud. The application allows users to create and collect audio stories and easily save them as an audio book as well as share them via e-mail or social media. The app is in beta testing for now and will be available for iOS and Android.
Mike Davis (CEO) leads the Cedar Park TX based company which was registered in 2012. Revenues on or below $1 million were reported by StoryPress.
The company has raised an estimated total of $605,000 via private unregistered security offerings.
Amount offered: $265,000
Amount placed: $265,000
First sale: 04-05-2014
Data as of: 05-06-2014