Mandalay Digital Gets $1 Million MoreFriday, May 31, 2013
Mobile communication company Mandalay Digital Group Inc. got another boost in its continued bid to list on the Nasdaq stock exchange.
The Mid-Wilshire company announced Thursday it had received a $1 million investment from Windsor Media, the L.A. investment company founded by Terry Semel, the former chief executive of both Yahoo Inc. and Warner Bros. Windsor received common stock and warrants in the transaction.
That adds to the combined $1 million Mandalay Digital received from Hollywood mogul Peter Guber, its chairman, and company director Robert Ellin in April.
Mandalay Digital said it would use the cash to continue organic growth of its company, which makes software that allows phone operators and digital publishers to sell content directly through mobile devices.
As part of the investment, Windsor Media President Jeff Karish has joined Mandalay Digital’s board.
"We are excited to have a vested stake in what Mandalay Digital Group is building," Semel, chairman and chief executive of Windsor Media, said in a statement. "More than ever, mobile operators and device makers around the globe are looking for an independent service provider with a robust, scalable platform that will help them monetize their customer bases."
Mandalay Digital has also added Rob Deutschman, vice chairman of Cappello Group Inc., to it’s now seven-person board.
The 120-person company is led by Boost Mobile founder Peter Adderton. Its shares currently trade over-the-counter but it is looking to list on the Nasdaq to attract more investors.
Shares were trading up 1 cent, or less than 1 percent, to $4.48 during midday trading on the OTC Markets.