Capital, Inc. (the "Company") (Nasdaq: KIPO), a closed-end fund that
has elected to be regulated as a business development company under the
Investment Company Act of 1940, notes that two of its portfolio
companies, TrueCar and Zoosk, have filed registration statements with
the U.S. Securities and Exchange Commission ("SEC") for proposed IPOs.
TrueCar files for $125 million IPO
Inc., a negotiation-free car-buying platform, filed a registration
statement on April 4, 2014, with the SEC to raise up to $125 million in
an initial public offering. The Santa Monica, California-based company,
which was founded in 2005 and booked $134 million in revenue for the
year ended December 31, 2013, plans to list on Nasdaq under the ticker
symbol TRUE. TrueCar initially filed confidentially on February 14,
2014. Goldman Sachs and J.P. Morgan are the joint bookrunners on the
deal. No pricing terms were disclosed.
Keating Capital made a $3 million common stock investment in TrueCar on
September 26, 2011.
Zoosk files for $100 million IPO
Inc., an online dating platform with 26 million members, filed a
registration statement on April 16, 2014, with the SEC to raise up to
$100 million in an initial public offering. The San Francisco
California-based company, which was founded in 2007 and booked $178
million in revenue for the year ended December 31, 2013, plans to list
on the NYSE under the ticker symbol ZSK. BofA Merrill Lynch, Citi and
RBC Capital Markets are the joint bookrunners on the deal. No pricing
terms were disclosed.
Keating Capital made a $3 million investment in the Series E Convertible
Preferred stock of Zoosk on January 27, 2012.
Registration statements relating to these securities being offered in
the proposed IPOs have been filed with the SEC but have not yet become
effective. Accordingly, Keating Capital can give no assurances that
either TrueCar or Zoosk will complete an IPO, and even if completed,
when it may be completed and the total amount raised, or at what price
and under what terms.
About Keating Capital, Inc.
Keating Capital (www.keatingcapital.com)
is a closed-end fund (regulated as a business development company under
the Investment Company Act of 1940) that specializes in making pre-IPO
investments in emerging growth companies that are committed to and
capable of becoming public. Keating Capital provides investors with the
ability to participate in a publicly traded fund that allows its
stockholders to share in the potential value accretion that Keating
Capital believes typically occurs once a company transforms from private
to public status. Keating Capital's shares are listed on Nasdaq under
the ticker symbol "KIPO."
To be added to Keating Capital's email distribution list to receive
quarterly newsletters and other announcements, please visit our
FOR IMMEDIATE RELEASE
This press release may contain statements of a forward-looking nature
relating to future events. These forward-looking statements are
subject to the inherent uncertainties in predicting future results and
conditions. These statements reflect Keating Capital's current
beliefs, and a number of important factors could cause actual results to
differ materially from those expressed in this press release, including
the factors set forth in "Risk Factors" set forth in Keating Capital's
Form 10-K and Form 10-Q filed with the Securities and Exchange
Commission ("SEC"), and subsequent filings with the SEC. Please
refer to Keating Capital's SEC filings for a more detailed discussion of
the risks and uncertainties associated with its business, including but
not limited to the risks and uncertainties associated with investing in
micro- and small-cap companies. Except as required by the federal
securities laws, Keating Capital undertakes no obligation to revise or
update any forward-looking statements, whether as a result of new
information, future events or otherwise. The reference to Keating
Capital's website has been provided as a convenience, and the
information contained on such website is not incorporated by reference
into this press release.
Third Party Websites
The hyperlinks to portfolio companies' websites are located on third
party servers that are not associated with Keating Capital. Keating
Capital does not endorse these websites, their sponsors, or any of the
policies, activities, products, or services offered on these sites or by
any advertiser on the sites. Keating Capital does not take
responsibility for third party websites and is not responsible for the
accuracy or completeness of any business, financial or other information
contained on such websites.
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