KIT digital has closed the sale of an additional 634,615 shares of common stock at the recent public offering price of $13.00 per share for gross proceeds to the company of $8.25 million, pursuant to the 30-day over-allotment option exercised in full by the underwriters in connection with KIT digital's registered public offering that closed on April 27, 2010.
The full exercise of the over-allotment option brings the total number of shares sold by KIT digital in this public offering to 4,865,385. The aggregate net proceeds received by the company are expected to be approximately $57.9 million, after deducting the proceeds from underwriting discounts, commissions, legal fees, and certain deal-related expenses payable by the company.