WorldSpace (WRSP) has filed to sell 3.008 million shares on behalf of shareholders, but these are essentially founder-shares. The shares are subject to options issued by the predecessor corporation, so none of the proceeds will go to the company. After looking the filing these are all insiders or former parties that were tied to the founding company.
This will take the number of shares outstanding from 38.9+ million to just under 42 million shares. WorldSpace came public vian an IPO under 18 months ago and has seen its shares trade from over $20.00 all the way down to as low as $2.00, but shares now sit at $4.92 as of today’s close. The company never did raise enough cash when it came public and with its losses its liquidity and net balance sheet deficit are going to become an issue down the road.
Customers can access WORLDSPACE content, plus BBC, CNN, Virgin Radio UK, NDTV and RFI. WORLDSPACE’s satellites cover two-thirds of the earth’s population with six beams. Each beam is capable of delivering up to 80 channels of high quality digital audio and multimedia programming directly to WORLDSPACE Satellite Radios anytime and virtually anywhere in its coverage areas in India, China, Africa, the Middle East, and western Europe.
Jon C. Ogg
December 5, 2006
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