Late filer Rdio reports issuing $75 million worth of equity and raising $33 million in separate transactions


XDATA – October 1st 2014

pulser mediaLate filer Rdio disclosed issuing $75 million worth of equity as part of a transaction a year ago where common shares of subsidiaries were acquired by the issuer in exchange for common shares of the issuer. According to three concurrent filings, this is not the first time the company files unregistered securities with the SEC.
The transaction is related to the deal made with Cumulus Media who was reported as taking a major stake in the company about a year ago. Though The New York Times reported it was a no-cash deal, it should nonetheless have triggered a form D filing within fifteen days since securities were issued.

The company is a freemium digital music service that offers ad-supported free streaming service and ad-free subscription services in 60 countries. The company is backed by Cumulus Media and Janus Friis.

The company was registered in 2012 and has its headquarters located in San Francisco CA. Rdio elected to keep its revenues undisclosed.
The executive team includes Anthony Bay and Maikao Grare.
The board of directors includes Andrew Larner, Janus Friis Degnbol and Mark Dyne.

Rdio has reported in concurrent filings closing three offerings which raised $33.27 million. The company has raised an estimated total of $108.27 million via private unregistered security offerings.

Rdio is registered under the name Pulser Media

Offering recap
Status: Completed
Company: Rdio
Industry: Other
Amount offered: $75 million
Amount placed: $75 million
First sale: 09-13-2013
Data as of: 10-01-2014

For more information visit www.XDATA.co

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