Investor News | June 17, 2024

IDW Media Announces Closing of Initial Round of Private Placement Offering

LOS ANGELES, CA and NEWARK, NJ – June 17, 2024:  IDW Media Holdings, Inc., (the “Company” or “IDW”) (OTCQB: IDWM), an integrated media company, announced that on June 12, 2024 it had closed the initial round of the previously announced non-brokered private placement offering of its Class B common stock to certain existing stockholders at a price of $0.32 per share (the “Offering”). In connection with the Offering, IDW issued 6,076,572 shares of Class B common stock for gross proceeds of $1,944,503.  The Offering provided for sales in the aggregate amount of $2.3 million, with the Company having the option to accept investments for up to $3.0 million at its discretion.

Following the issuance on closing the initial round, there are a total of 22,847,307 shares of Class B common stock (excluding 519,360 shares held in treasury) and 545,360 shares of Class C common stock issued and outstanding.

The Company intends to use the net proceeds from this Offering to support IDW Publishing’s licensing activities, to maintain reserves and enable the Company to act opportunistically and for working capital and general corporate purposes.

As previously disclosed, stockholders participating in the Offering were entitled to subscribe for additional shares that were not subscribed for by eligible stockholders and the Company will announce the results of that follow-on round of the Offering upon its closing.

Purchased shares will be subject to a restriction on transfer for one year following the closing of the Offering.

About IDW Media Holdings:

IDW (OTCQB: IDWM) is an integrated media company providing compelling stories and characters for global audiences. Our IDW Publishing and IDW Entertainment businesses acquire and license IP for holistic franchise development across comics and graphic novels, television and other entertainment platforms and leverage established stories from our creative partners.

Forward-Looking Statements:

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our Annual Report for the fiscal year ended October 31, 2023, and subsequent reports that we have made available. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Company Contact:

Davidi Jonas

IDW Media Holdings, Inc.