Kartoon Studios, Inc. (TOON): M&A transaction — Kartoon Studios (fka Genius Brands) raises ~$6M via warrant exercise; changes name

Kartoon Studios, Inc.

Company changed name to Kartoon Studios, Inc. effective June 23, 2023 via merger with wholly owned sub.
Existing warrants repriced from $23.70 to $2.50; expects ~$6M gross proceeds from cash exercise.
Exercising holders receive new warrants to buy 200% of shares exercised, 5-year term, exercisable after shareholder approval.
New warrants unregistered; company to file resale registration statement within 30 days.
Dawson James receives ~$0.4M cash fee and 142,804 new warrant shares as solicitation agent.

item 5.01 item 1.01 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.4

Kartoon Studios, Inc. underwent a change of control (closed 2023-06-23).

Action: change of control
Closing: 2023-06-23

Exact text from the filing

On June 23, 2023, Kartoon Studios, Inc. (formerly known as Genius Brands International, Inc., the “Company”) changed its corporate name to Kartoon Studios, Inc. through the merger of the Company with its wholly owned subsidiary Kartoon Studios, Inc., a Nevada corporation (the “Subsidiary”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Kartoon Studios, Inc. entered into Letter Agreements with certain existing institutional and accredited investors valued at Exercise of warrants for cash proceeds of approximately $6.0 million; New Warrants to purchase up to (effective 2023-06-26).

Action: entry
Agreement: equity purchase
Counterparty: certain existing institutional and accredited investors
Value: Exercise of warrants for cash proceeds of approximately $6.0 million; New Warrants to purchase up to
Effective: 2023-06-26

Exact text from the filing

On June 26, 2023, the Company entered into letter agreements (the “Letter Agreements”) with certain existing institutional and accredited investors to exercise certain outstanding common stock purchase warrants (the “Existing Warrants”) to purchase shares of the Company’s common stock (“Common Stock”), par value $0.001 per share (the “Exercise”).

View on SEC.gov

5 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Kartoon Studios, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-23-004433

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