The publicly traded parent company of Irvine, CA-based New Motion Inc. MPLC (OTCBB:MPNC) has raised $10 million in a private placement, bringing the total investment in the two-year-old company to $20 million. The latest investment will allow New Motion to “continue to grow organically and participate in the rapidly consolidating mobile entertainment marketplace.” MPLC will also conduct a 300 for 1 reverse stock split to go into effect in 30-60 days, raising the individual share price from a couple of cents to several dollars…depending on the stock price when it occurs.
New Motion raised $6.5 million in a private placement when it went public via a reverse merger with MPLC back in February, and in January New Motion bought messaging assets from Mobliss. The company operates through its brands, including MobileSidewalk, RingtoneChannel, Bid4Prizes and GatorArcade.
Related stories:
—Burton Katz Named CEO for New Motion
—NewMotion Goes Public On OTC in Reverse Merger; Raises $6.5 Million
—Mobliss Messaging Assets Sold To NewMotion Inc; NMI To Launch Asian-American Off-Deck Portal