Tiny Acquires Majority Stake in Letterboxd to Advance Social Network for Film Discussion.
MANews-(C)2009-2023
Canada-based investment company Tiny Ltd. (TSX Venture: TINY) has completed a majority acquisition of New Zealand-based social platform for film discovery and discussion Letterboxd, the company said.
The investment was completed through Tiny Fund I, LP, the company's private partnership and will help accelerate critical product advancements, such as long-anticipated community-requested features and expansions to Letterboxd's media suite.
In connection with the transaction, the founders of Letterboxd have agreed to subscribe for a total of 1,430,346 class A common shares of Tiny at a price of CDN 3.40 (USD 2.50) per common share for gross proceeds to Tiny of CDN 4,863,176 (USD 3,570, 198)
The proceeds of the Private Placement are expected to be used for...
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