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Dallas Mavericks owner Mark Cuban to pay 68 cents per share, for shares representing about 95 percent of Immediatek Inc.’s outstanding shares.
Mark Cuban takes on concert CD venture
11:04 AM CST on Wednesday, January 25, 2006 By CRAYTON HARRISON / The Dallas Morning News
An investment firm owned by Dallas Mavericks owner Mark Cuban has agreed to buy a controlling stake in a Richardson-based company that sells CD recordings of live concerts minutes after the performances conclude.
Mr. Cuban’s firm, Radical Holdings LP, will pay $3 million, or about 68 cents per share, for shares representing about 95 percent of Immediatek Inc.’s outstanding shares, according to a filing with the Securities and Exchange Commission.
The transaction is expected to close in February.
Immediatek, led by chief executive Zach Bair, provides the concert CDs through its subsidiary DiscLive, acquired in 2004 for $833,000.
Mr. Bair and chief operating officer Paul Marin will remain with the company in their current positions, Immediatek said.
Mr. Cuban did not immediately respond to an e-mail Wednesday. Mr. Bair declined to comment.
Company Ticker Symbol Last Trade % Change +660.00 Today's Volume 1,464,491
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Well put Weebs. Did you get any early? Last Trade: 0.4199 Trade Time: 3:59PM ET Change: +0.2299 (+121.00%) Prev Close: 0.19 Open: 0.23 Bid: 0.38 x 5000 Ask: 0.43 x 5000 Intraday high .55
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My take: More and more people hear the news that Mark Cuben bought x amount of shares of ITEK. Since Cuben is a successful entrepreneur lots of buys take place bring the stock to a dollar...esp if the company's financials and prospects look good.
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Thanks for the input. I got in a couple of times today at what averaged to a price just higher than what it is now. I actually first heard about this at Yahoo's GTE board on Wednesday just after the session had closed, but I didn't have enough funds to buy the number of shares I wanted, so I was able to get in today. I'm glad I got in below .68 now, despite losing a great chance to earn a lot more money.
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