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Millennial Media raises $12.4M from follow-on offering of common stock shares

Millennial Media announced Tuesday that it raised a net $12.4 million from selling more than 900,000 shares of common stock, according to CityBizList. Technically Baltimore reported earlier this month that the Canton-based mobile advertising company was looking to sell close to one million shares of stock, and to use the money raised to fund company […]

Millennial Media announced Tuesday that it raised a net $12.4 million from selling more than 900,000 shares of common stock, according to CityBizList.

Technically Baltimore reported earlier this month that the Canton-based mobile advertising company was looking to sell close to one million shares of stock, and to use the money raised to fund company growth. A total of 11,500,000 shares were sold, with the other 10.5 million sold by stockholders in Millennial Media.

Among the stockholders selling shares in Millennial Media was New York-based venture capital firm Bessemer Venture Partners, which “sold 2.20 million shares at $13.44 apiece,” reports CityBizList.

When Millennial Media completed its $1.8 billion initial public offering in March, shares were selling at $13 apiece. In both Q2 and Q3 of this year, the company has reported a loss, despite rising revenues.

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Andrew Zaleski

Andrew Zaleski is a freelance journalist in Philadelphia and the former lead reporter for Technical.ly Baltimore. Before moving to Philadelphia in June 2014, he was a contributing writer to Baltimore City Paper and a Tech Check commentator for WYPR 88.1 FM, Baltimore city’s National Public Radio affiliate. He has written for The Atlantic, Outside, Richmond magazine, Washington City Paper, Baltimore magazine, Baltimore Style magazine, Next City, Grist.org, The Atlantic Cities, and elsewhere.

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