Liquid Media Group Ltd. (YVR) stock rallied on Monday, March 22, 2021. It gained 14.58% in the after-hours session after gaining 30.91% in the normal trading session on Monday. Let’s see what could be the reason behind YVR soaring price.
$6.0 million registered direct offering of common shares
On March 22, 2021, YVR said that it has accepted the direct offer of $3.35 per share for its 1,791,045 common shares. The YVR will get approximately $6.0 million and it will be used for working capital purposes, expanding existing businesses, debt reduction, capital expenditures and other general corporate purposes.
The exclusive placement agent for the offering will be H.C. Wainwright & Co.
Distribution agreement with Atari
On March 3, 2021, YVR said that it has signed a distribution agreement with Atari.According to the agreement, Atari VCS PC/console hybrid will get the Liquid Media Group’s video-on-demand distribution platform known as SlipStream. The new Atari VCSis available for preorder. YVR stock jumped significantly after the deal agreement announcement.
Liquid’s deal with Atari is the first step towards the company’s evolution as a solutions-driven business.
About the company
Liquid Media Group Ltd. (Nasdaq: YVR) is an entertainment company with a strong portfolio of content intellectual property (IP) spanning creative industries. The company goal is to empower independent IP creators to package, finance, deliver and monetize their professional video IP globally. The company was founded in 1986 and based in Vancouver, Canada.Ronald Thomson is the CEO and Charlie Brezer Is the president of the Liquid Media Group.
Conclusion: the YVR stock has gained a lot in recent days. its better financial performance and recent business developments can take the stock price further up.