Millennial Media is planning to sell one million shares of stock, while stockholders will sell another nine million shares, reports the Baltimore Sun. In addition, Millennial Media is projecting at least a $1.9 million loss in the third quarter off of $47 million in revenue, according to the Sun.
At the time of Millennial Media’s $1.8 billion initial public offering in March, shares were selling for $13 each. As of the New York Stock Exchange’s close Oct. 15, Millennial shares were trading at $15.91.
With the stock sale, “Millennial expects to raise $14.5 million … which it intends to use to fund the company’s growth, including possible acquisitions of other companies,” the Sun reports.
As Technically Baltimore reported in August, Millennial Media made $39 million in revenue in the second quarter of 2012 compared to just $22 million during the same quarter in 2011. However, revenue growth has not kept up with expenses: Millennial reported a $2.2 million loss in the second quarter, the first quarter since the company’s $1.8 billion IPO in March.