MOKO Social Media Commences Trading on NASDAQ - WMBB News 13 - The Panhandle's News Leader

MOKO Social Media Commences Trading on NASDAQ

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SOURCE MOKO Social Media Limited

SYDNEY, June 27, 2014 /PRNewswire/ -- MOKO Social Media Limited (ASX:MKB) will commence trading on the NASDAQ Stock Market today from 10am EDT (New York time), following its recent successful million capital raising.

US investors have secured 1.1 million ADS Nasdaq shares at an issue price of US$7.50 per American Depositary Share. Each ADS entitles investors to 40 ordinary fully paid MOKO shares.

The IPO was received with strong support from institutional and high net worth investors throughout the US, and if the underwriters confirm the conversion of the over-allotment, will raise approximately A$10 million in gross proceeds.

The NASDAQ listing heralds a critical period of development for the company with several important company milestones imminent.

The flagship mobile App REC*IT, has completed pilot testing and will be launched to over 700 US colleges by the end of September.

This App technology is a powerful social media platform designed to assist students in organising and managing on-campus sporting, recreational, fitness and extracurricular activities. It will be monetised by MOKO through advertising within the user interface.

MOKO Chief Executive Officer, Mr Ian Rodwell, said the NASDAQ listing was a critical inflection point for the company and its investors and was essential to delivering maximum valuation in the prime commercial market.

He commented: "The US market understands and has a substantial appetite for social media and digital technology companies like MOKO.

"Mobile advertising is growing exponentially. We have the platforms and the user groups in place and we expect to exploit this opportunity in the short term."

The company has ensured it has a first mover advantage by signing exclusive agreements with its commercial partners. The company's strategy of partnering with large interest groups for its customised applications enables advertisers to reach highly targeted, segmented and captive audiences.   

MOKO's second exclusive agreement is with high profile political commentator Jimmy Williams to co-develop a US political mobile social network, known as Blue Nation Review. The mobile site is now live (www.bluenationreview.com) with the mobile application expected in the last quarter of 2014.

MOKO also recently soft launched runhaven.com, a community for running enthusiast in the US.  Reception and engagement on Facebook for Blue Nation Review and RunHaven has been very positive thus far.

In addition to milestones from its existing stable of agreements, MOKO plans to announce additional communities and projects in the coming months. The first material revenue generation is expected within the 2015 calendar year.

The NASDAQ public offering was underwritten and led by Chardan Capital Markets and co-managed by Northland Capital Markets. MOKO Social Media has been listed on the Australian Securities Exchange (ASX) since 2007.

Contact

Greg McCann 

Rudi Michelson

MOKO Social Media Chairman            

Monsoon Communications

02 9299 9690

(03) 9620 3333

greg.mccann@mokosocialmedia.com

       

rudim@monsoon.com.au

 

About MOKO

MOKO Social Media Limited develops customised mobile community applications to improve communications within organisations such as universities, sports bodies and political groupings. MOKO uses its social platform to work with these organisations to provide important information to their audience/group members via mobile devices. MOKO generates revenue from mobile advertising. MOKO acquired New York based OfferMobi in August 2012, a mobile specific advertising platform linking publishers with advertisers wishing to reach mobile audiences. MOKO has also signed exclusive development deals with the American Collegiate Intramural Sports Network and IMLeagues LLC under which it will build a mobile application promoted on-campus at over 600 US colleges with an addressable audience of approximately 10 million students. MOKO is also developing a digital platform for the US running events industry and participants as well as a social media platform for US political interests and commentators.

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