LOS ANGELES, CA, Oct 8, 2013 - WestPark Capital, Inc. announced the completion of a private placement offering for Monster Digital, Inc. A total of 7,100,000 shares of common stock were sold, generating gross proceeds of $7,100,000 in the offering. The net proceeds from the issuance and sale of the Shares will be used to expand the Monster Business, including enhancing sales channels and distribution capability, inventory, and for related general corporate purposes. Due to demand, the total offering amount was increased and the overallotment option was exercised in its entirety resulting in an additional $1.6M from investors as part of the total gross proceeds in the offering. WestPark Capital, Inc. acted as Placement Agent for the offering.
This press release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The offering was made only by prospectus. A prospectus supplement relating to the common stock and warrants issued in the offering has been declared effective by the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus may be obtained at the SEC website at www.sec.gov, or via written request to WestPark Capital, Inc., 1900 Avenue of the Stars, Suite 310, Los Angeles, California 90067.
About WestPark Capital, Inc.
WestPark Capital is a full-service investment bank focused on emerging growth sectors such as healthcare, software, technology, biotechnology, financial services, manufacturing, consumer products, media and telecom industries, among other categories. WestPark provides a comprehensive range of corporate finance services, including initial public offerings, follow-on offerings, private placements, SIPOs and corporate finance advisory services. Additional information about WestPark Capital, Inc. is available at www.wpcapital.com or at email@example.com.
About Monster Digital
Monster Digital, through its parent, Tandon Digital, Inc., is the exclusive producer of premium memory storage products for use in high-performance computing and demanding consumer and mobile product applications. The focus is on the development and marketing of a broad selection of high-value memory storage products that combine performance, reliability and functionality at competitive prices. Their high-end, ruggedized Solid State Drives ("SSDs") and Solid State Hybrid Drives ("SSHDs") and removable flash memory secured digital cards ("SDs") are marketed under the brand name Monster Digital further to a license from Monster, Inc., formerly Monster Cable Products, Inc. (the "Monster Business"). Their Dynamic Random Access Memory ("DRAM") modules are currently sold worldwide primarily to original equipment manufacturers ("OEMs"). They believe that their target customers seek high value products that combine performance, reliability and functionality at prices competitive with other leading products.
WestPark Capital, Inc.
SOURCE: WestPark Capital, Inc.