BUZZ-Media firm Gaia slides after $8 mln stock offering

Reuters

02-06

BUZZ-Media firm Gaia slides after $8 mln stock offering

** Shares of media and community company Gaia GAIA.O slip 9.9% to $5.12 premarket

** GAIA announces pricing of stock offering of 1.6 mln shares at $5/shr for gross proceeds of $8 mln

** Stock offering priced at a 12% discount to stock's last close

** GAIA will use the proceeds to bolster its artificial intelligence capabilities, develop its community project and other purposes

** Roth Capital Partners and Lake Street Capital Markets were the joint book-running managers for the offering

** GAIA has 23.5 mln outstanding shares for $133.3 mln market capitalization - LSEG data

** GAIA stock rose 66.3% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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