Partnership enables Letterboxd to accelerate
critical advancements aimed at further establishing it as the
leading social network for film discussion and discovery
Tiny Ltd. (“Tiny” or the “Company”) (TSXV: TINY),
a Canadian technology holding company, today completed a majority
acquisition of Letterboxd, a global social platform for film
discovery and discussion. Letterboxd’s founders will continue to
lead the business independently while leveraging their partnership
with Tiny to accelerate the platform’s growth as it continues to
scale.
Letterboxd
Founded in 2011 by film fans Matthew Buchanan and Karl von
Randow, Letterboxd has experienced significant growth over the past
5 years, climbing into the top 1,500 websites globally and recently
surpassing 10 million members across 200+ countries – a significant
milestone from 4.1 million members in 2021 and 1.8 million in 2020.
A rare independent social network, Letterboxd has captured the
attention of younger audiences, particularly those aged 18 to 24,
who are looking for more meaningful ways to connect online around
shared interests. Letterboxd’s members gather on the platform to
track what they watch, engage in discourse through sharing of
reviews and lists, log and rate movies, and follow other
like-minded cinephiles.
Building on this community-driven success, Letterboxd has also
broadened its reach by forming partnerships this year with industry
leaders like The Academy and Netflix, expanding its content base to
include editorial ('Journal') and audio ('The Letterboxd Show’
podcast), and providing coverage of festivals, red-carpet
premieres, and other industry happenings.
Management Commentary
“Teaming up with Tiny represents a big leap forward for us,”
said Matthew Buchanan and Karl von Randow, co-founders of
Letterboxd. “Tiny’s impressive track record, which includes
spurring the growth of the thriving design community, Dribbble,
speaks to their ability to cultivate and grow businesses like ours
without altering the fundamental components that have made them
successful. We see this as a huge win for our community, enabling
us to cement Letterboxd’s future with additional resources without
sacrificing the DNA of what makes it special.”
“We’ve been huge fans and users of Letterboxd for a long time
and could not be more excited to join forces with Matthew, Karl,
and the rest of the team for the long-term,” added Andrew
Wilkinson, Co-founder of Tiny. Our aim is to make Letterboxd the
ultimate destination for anyone looking to discover or discuss
movies online. If you're running out of things to watch, it's
because you haven't used Letterboxd yet—and we believe that the
potential for superior discovery is a large opportunity.”
Transaction Overview
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. The
transaction qualified as an “Exempt Transaction” within the meaning
of TSX Venture Exchange Policy 5.3 and terms of the transaction
were not disclosed.
In connection with the transaction, the founders of Letterboxd
have agreed to subscribe for a total of 1,430,346 Class A common
shares (“Common Shares”) of Tiny at a price of CAD$3.40 per Common
Share for gross proceeds to Tiny of CAD$4,863,176 (the “Private
Placement”). The proceeds of the Private Placement are expected
to be used for working capital and general corporate purposes. No
finder’s fees or commissions will be paid in connection with the
Private Placement.
The Common Shares issued pursuant to the Private Placement will
be subject to a statutory hold period of four months and one day
from closing in accordance with applicable securities laws. The
Private Placement is subject to the approval of the TSX Venture
Exchange and is expected to close on or about October 6, 2023.
About Tiny
Tiny is a Canadian-based investment company focused primarily on
investing and acquiring majority stakes in businesses that it
expects to hold over the long-term. The Company is structured to
give maximum flexibility to operating management teams by
maintaining a focus at the parent company level on only three
areas: capital allocation, management, and incentives. This
structure enables each company to run independently and focus on
what they do best, within an incentive structure that is designed
to drive results for both the operating business and ultimately for
Tiny and its shareholders.
Tiny currently has three principle reporting segments: Digital
Services, which provides design, engineering, brand positioning and
marketing services to help companies of all sizes deliver premium
web and mobile products; E-Commerce Platform, which is home to a
complementary portfolio of recurring revenue software businesses
that support merchants, as well as digital themes businesses that
sell templates to Shopify merchants; and Creative Platform, which
is comprised primarily of Dribbble, the leading social network for
designers and digital creatives, as well as a premier online
marketplace for digital assets such as fonts and templates.
For more information, please visit www.tiny.com or refer to the
public disclosure documents available under Tiny’s SEDAR+ profile
at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking
Information:
This press release contains statements which constitute
“forward-looking statements” and “forward-looking information”
within the meaning of applicable securities laws (collectively,
“forward-looking statements”), including statements regarding the
plans, intentions, beliefs and current expectations of the Company
with respect to future business activities and operating
performance. Forward-looking statements are often identified by the
words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” or similar
expressions and forward-looking statements in this press release
includes, but is not limited to, information and statements
regarding: the completion of the Private Placement and the use of
proceeds thereof as well as the Company's beliefs regarding the
future prospects of Letterboxd.
Investors are cautioned that forward-looking statements are not
based on historical facts but instead reflect the Company’s
expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of
management considered reasonable at the date the statements are
made. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, such statements
involve risks and uncertainties, and undue reliance should not be
placed thereon, as unknown or unpredictable factors could have
material adverse effects on future results, performance or
achievements of the Company.
Among the key factors that could cause actual results to differ
materially from those projected in the forward-looking statements
are the following: the receipt of the approval of the TSX Venture
Exchange for the completion of the Private Placement; credit,
liquidity and additional financing risks for the Company; stock
market volatility; changes in e-commerce industry growth and
trends; changes in the business activities, focus and plans of the
Company; changes in general economic, business and political
conditions, including challenging global financial conditions and
the impact of the novel coronavirus pandemic; competition risks;
potential conflicts of interest; changes in applicable laws and
regulations both locally and in foreign jurisdictions; compliance
with extensive government regulation; the risks and uncertainties
associated with foreign markets; and the other risk factors more
fully described in the Company's most recent MD&A as well as
the list of risk factors in the Company's management information
circular dated March 6, 2023 available on SEDAR+ at
https://www.sedarplus.ca under the Company's profile.
Should one or more of these risks or uncertainties materialize,
or should assumptions underlying the forward-looking statements
prove incorrect, actual results may vary materially from those
described herein as intended, planned, anticipated, believed,
estimated or expected. Although the Company has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended and
such changes could be material. The Company does not intend, and
does not assume any obligation, to update the forward-looking
statements except as otherwise required by applicable law.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230929276535/en/
Company: David Charron Chief Financial Officer Phone:
416-418-3881 Email: david@tiny.com
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