By Connor Hart

MNTN disclosed with the Securities and Exchange Commission how many shares it will offer in its initial public offering.

The Austin, Texas, software company, which connects television advertisers with streaming networks, will offer 8.4 million Class A common shares, expecting to sell each for between $14 and $16. It plans to list shares on the New York Stock Exchange under the ticker MNTN.

Selling stockholders will offer 3.3 million Class A common shares in the offering, and they have granted underwriters a 30-day option to purchase up to nearly 1.8 million additional shares of Class A common stock at a discount.

Following the offering, MNTN will have about 47.4 million Class A common shares outstanding, or about 48.5 million shares if underwriters exercise in full their options to buy additional shares.

The company will have about 77.3 million total shares of Class A and Class B common stock following the offering, or about 77.5 million shares if underwriters exercise in full their options to buy additional shares.

In 2024, MNTN posted a net loss of $32.9 million, or $2.38 a share, on revenue of $225.6 million. A year earlier it logged a net loss of $53.3 million, or $3.99 a share, on revenue of $176.3 million.

MNTN expects net proceeds of about $109.2 million from the offering, based on an IPO price of $15 a share. The company will not receive any proceeds from the sale of shares by the selling stockholders, including from any exercise by the underwriters to purchase additional shares.

The company said it doesn't have a specific plan for the proceeds, noting that it intends to use them for general corporate purposes including to fund growth, technology development, working capital and operating expenses.

Nine firms including Morgan Stanley and Citigroup Global Markets are listed as the offering's underwriters.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

May 14, 2025 13:46 ET (17:46 GMT)

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