In connection with the rights offering, the Company also entered into an investment agreement with Matador Capital Partners, L.P., whereby Matador has agreed to purchase at the subscription price, between $1.0 million and $2.0 million worth of the shares of the Company's common stock not subscribed for and purchased by holders upon exercise of their subscription rights. The exact number of shares within the foregoing range will be determined by Matador in its discretion. Mr. Jeffrey A. Berg, one of the Company's directors, is the managing member of the general partner of Matador. As of the date hereof, Matador and Mr. Berg collectively beneficially own approximately 10.5% of the Company's common stock. As stockholders as of the record date, Matador and Mr. Berg will have the right to purchase shares under their basic subscription privilege, but they will not have the right to exercise their over-subscription privilege. Therefore, depending on the collective level of investment by all existing stockholders in connection with the rights offering, Matador and Mr. Berg may, based on their common stock ownership as of the date hereof, potentially invest up to $2.4 million into the Company in connection with the rights offering (i.e., up to $2.0 million under the investment agreement and approximately $419,000 pursuant to the exercise of their basic subscription privilege).Michael Bush, the Company's President and Chief Executive Officer, also announced his intention to exercise his basic subscription privilege in full at a minimum. Mr. Bush currently owns 300,478 shares of the Company's common stock.
NTN Buzztime, Inc. Announces Reduced Subscription Price For Rights Offering To Existing Stockholders
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