LOUISiILLE — Gaia Inc., which operates a video-streaming service worldwide focused on well-being and yoga, said on Thursday it will offer about 2.3 million shares of common stock in a public offering.
Louisville-based Gaia (Nasdaq: GAIA) is selling the stock for $15 a share in hopes of raising $35 million. After deducting the underwriters’ discount and other estimated offering expenses, Gaia expects to have $32.3 million that will be used for general corporate purposes, including working capital.
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Gaia granted the underwriters a 30-day option to purchase at the public offering price, less the underwriting discount, up to an additional 350,000 shares of Class A common stock to cover over-allotments, if any. The sale closes March 26.
Los Angeles-based B. Riley FBR Inc. is acting as the sole book-running manager for the offering. Lake Street Capital Markets in Minneapolis will serve as lead manager, and Dougherty & Co. in Minneapolis will serve as co-manager for the offering. Roth Capital Partners based in Newport Beach, Calif., advised Gaia.