Quint Digital enters into definitive stock purchase agreement with Lee Enterprises
The agreement pertains to participation in a private placement offering totalling $50 million.
Pitch Feature
Media-tech company Quint Digital Limited (QDL) has entered into a definitive stock purchase agreement with Lee Enterprises Inc. (LEE), a US-based subscription and advertising platform and a leading provider of local news, to participate in a private placement aggregating $50 million, according to a press release.
The strategic investment is led and backstopped by anchor investor David Hoffmann, who has committed approximately $35 million, with additional participation from existing investors, including QDL. QDL has committed around $7.97 million at an investment price of $3.25 per share. Following completion of the transaction, QDL’s stake in LEE will increase to 14.85%.
Subject to customary closing conditions and stockholder approval, LEE expects to receive the full $50 million in gross proceeds at closing, prior to transaction-related expenses
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