Millennial Media Inc., a Baltimore-based mobile advertising company, said Monday it intended to sell a million shares while stockholders planned to sell another nine million shares in a secondary stock offering.
Millennial expects to raise $14.5 million from the stock sale, which it intends to use to fund the company's growth, including possible acquisitions of other companies.
The company also reported a preliminary third-quarter loss in the range of $1.9 million to $2.4 million, on revenues of $47 million.
The company is benefiting from a trend of increased spending by companies on advertising on mobile devices.
In its SEC filing describing it stock sale, the company said that among the top 100 advertisers ranked by Ad Age, Millennial was doing business with 75 of them — and each was spending an average of $788,000, up from an average $95,000 in 2008. A Millennial spokesman declined to comment.
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