MPLC scores $10M private placement

MPLC, the publicly traded parent company of digital entertainment firm New Motion, announced the close of a $10 million Series D private placement. The financing caps off a series of recent moves by New Motion, which in January acquired mobile messaging assets from Mobliss and last month went public via a reverse merger with MPLC. According to MPLC, it is also planning a 300 for 1 reverse stock split to go into effect in the next 30 to 60 days.

"The $20 million in gross proceeds we recently raised in the combined Series A, B and D offerings, along with the assets recently acquired from Mobliss, provide us with the capital, platform and technology necessary to execute our strategy and leverage the growing trend of consumers who use their mobile devices to interact with media services on the Internet," said MPLC CEO Burton Katz in a prepared statement.  

For more on the MPLC investment:
- see this release