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San Francisco-based RMG Networks will go public on Monday.
A company spokesperson confirmed that RMG has opted for a reverse merger with SCG Financial Acquisition Corp., rather than a fully-fledged IPO. Further details were disclosed in a filing with the securities and exchanges commission.
Going public will help the company capitalize on the demand for video networks targeted to consumers on the go. RMG’s network of over one million televisions are aimed at air travelers, and shoppers walking through malls.
A financial filing reveals that RMG will merge with SCG Financial, and thereafter acquire Texas-based digital signage company Symon.com. “The advantage for RMG is not needing to go through all the IPO rigmarole — essentially they merge and and voila, they are public” a spokesperson explained.
The combined entity will start trading on the NASDAQ under the name RMG Networks and the ticker symbol SCGQ. The price per share is set at $10. Within two weeks, the ticker symbol will change to RMGN.
RMG Networks has raised its funding from storied venture capital firms, including Kleiner Perkins, and former partner Aileen Lee sits on its board of directors.