Roundtable Locks 85% of 13.5M Shares for One Year and Secures $10M
About 85% of the combined 13.5 million shares (11.5 million) are locked up for one year, leaving 2 million available for trading to meet NASDAQ liquidity rules. The company initiated a $10 million deposit toward a $35 million strategic investment and added former Goldman banker Steve Fletcher to its board.
1. Share Lock-Up Details
The post-merger capitalization table comprises 13.5 million shares, of which 85% (11.5 million shares) are subject to a one-year lock-up followed by a 12-month release schedule. Only 2 million shares remain unlocked to satisfy minimum NASDAQ liquidity requirements, underscoring management’s focus on long-term equity commitment.
2. Strategic Investment and Partnership
A total of $35 million invested pre-merger auto-converted into equity and is fully locked for one year, with a $10 million deposit representing the first tranche toward acquiring control of a digital media company’s sales, operations, and distribution. While the acquisition outcome is not guaranteed, the company’s balance sheet can fund operations for over a year if the partnership does not close.
3. Board Appointment of Steve Fletcher
On March 27, the company appointed Steve Fletcher as an independent director and audit committee member. Fletcher brings over 20 years of investment banking and digital media financing experience from roles at Goldman Sachs and GCA Savvian, along with corporate governance expertise from prior board service.