Millennial Media raises $12.4M from follow-on offering of common stock shares - Technical.ly Baltimore

Oct. 31, 2012 10:00 am

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 outside Washington, D.C. He's written for Wired, Backchannel, Popular Science, Fortune, the Washington Post Magazine, the Atlantic and elsewhere.

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