SRAX
| Error creating thumbnail: | |
| Public | |
| Traded as | SRAX |
| ISIN | 🆔 |
| Industry | Digital marketing and consumer data |
| Founded 📆 | 2010 |
| Founders 👔 |
|
| Headquarters 🏙️ | , Los Angeles, California , United States |
Area served 🗺️ | Worldwide |
Key people |
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| Products 📟 | SRAX Platform, SRAX MD, BIGtoken, SRAX Social, SRAXfan, SRAXauto, SRAXshopper, SRAX Reach |
| Revenue🤑 | US$35.8 million (2016)[1] |
| Members | |
Number of employees | 130 |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Social Reality, Inc. (Nasdaq: SRAX) is a public digital marketing and consumer data management and distribution technology platform company based in Los Angeles, California.
History[edit]
SRAX was founded in March 2010 by Christopher Miglino, Chief Executive Officer, and Erin DeRuggiero, Chief Innovations Officer.[2]
Miglino and DeRuggiero began by selling ads within Facebook applications, and after a few years, the company became a sell-side partner, selling inventory for third parties into different exchanges. Miglino and DeRuggiero then began building an advertising platform which they labelled SRAX.[3]
In May 2017, the company rebranded itself as SRAX as it expanded beyond social media advertising.[4]
As of November 9, 2017, the company was ranked #123 among Deloitte's Technology Fast 500, "a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. SRAX grew 948 percent from 2013 to 2016."[5]
Funding[edit]
The company claims it was profitable from its inception.[3] Instead of seeking traditional venture capital funds to grow, SRAX decided to list the company in the U.S. over-the-counter market. It went public in October 2012, and by January 2013 it raised approximately US$5.2 million through various public offers.[6] On October 13, 2016 the company was up listed to the NASDAQ Capital Market and its Class A Common Stock began trading under the symbol SRAX.[7]
On January 4, 2017, the company announced it had raised an additional US$4 million to extinguish its remaining debt.[8]
On October 27, 2017, the company announced a private placement for US$5.18 million as a follow-on to its US$5 million April 2017 offering of similar securities.[9][10]
On July 29, 2018, the company signed an agreement to sell its SRAXmd pharmaceutical advertising business to an affiliate of Halyard Capital in a cash and stock transaction valued at US$52.5 million.[11] This company received a gross cash consideration of US$33.5 million and contingent consideration of up to an additional US$9 million for achievement of certain performance milestones prior to December 31, 2018.[12] The company also announced it will retain a 31% equity stake in SRAXmd to be initially valued at US$10 million as a component of the transaction.[12]
Company overview[edit]
The company's headquarters is in Downtown Los Angeles, in the Arts District.[13] SRAX also operates offices in New York, Minneapolis, Nashville, Phoenix, Denver, and Mexico. In April 2018, it was reported that the company had 10,212,739 common shares outstanding and employed 130 people.[14] The company's stock is a component of the Russell Microcap Index.[15]
References[edit]
- ↑ "SRAX Reports Fourth Quarter and Full Year 2016 Financial Results" (Press release). SRAX. March 30, 2017. Retrieved May 30, 2017 – via PRNewswire.[self-published source]
- ↑ "chris-miglino". SRAX. Retrieved July 31, 2018.[self-published source]
- ↑ 3.0 3.1 Mitra, Sramana (October 6, 2017). "An Unconventional Set of Financing Paths: SRAX Founder Chris Miglino (Part 3)". One Million by One Million Blog (Interview). Retrieved September 28, 2018.
- ↑ "Social Reality Becomes SRAX". socaltech (Short news, <500 characters). Westlake Village, California. May 11, 2017. Retrieved September 28, 2018.
- ↑ "SRAX Ranked No. 123 Fastest Growing Company in North America on Deloitte's 2017 Technology Fast 500™" (Press release). SRAX. November 9, 2017. Retrieved July 31, 2018 – via PRNewswire.[self-published source]
- ↑ "Social Reality, Inc" (SEC Quarterly Report, form 10-Q). EDGAR online. May 15, 2013. Archived from the original (PDF) on September 24, 2015. Retrieved May 31, 2015 – via OTCMarkets.
- ↑ "Social Reality Announces Uplisting to The NASDAQ Capital Market" (Press release). Social Realty. October 12, 2016. Archived from the original on October 26, 2016. Retrieved October 12, 2016 – via Yahoo Finance, via PRNewswire.[self-published source]
- ↑ "Social Reality Announces Offering for $4 Million" (Press release). Social Realty. January 4, 2017. Retrieved July 31, 2018 – via PRNewsire.[self-published source]
- ↑ "SRAX Announces Private Placement of $5.18 Million with Existing Shareholders" (Press release). SRAX. October 27, 2017. Retrieved July 31, 2018 – via PRNewswire.[self-published source]
- ↑ "SRAX Announces Close of Additional $1.28 Million of Secured Convertible Debentures". www.prnewswire.com (Press release). Retrieved 2018-07-31.[self-published source]
- ↑ "SRAX Agrees to Sell SRAXmd for Up to $52.5 Million" (Press release). SRAX. July 30, 2018. Retrieved July 31, 2018 – via PRNewswire.[self-published source]
- ↑ 12.0 12.1 "SRAX Closes Sale of SRAXmd and Receives $33.5 Million in Cash Plus Additional Consideration" (Press release). Social Realty. August 7, 2018. Retrieved August 7, 2018 – via MarketWatch, via PRNewswire.[self-published source]
- ↑ Hudson, Sabrina (October 28, 2016). "Ad Tech Firm Restocks Brass, Jumps to Nasdaq". Los Angeles Business Journal. Retrieved July 31, 2018.
- ↑ Amended Annual Report (Form 10-K/A). SEC. April 27, 2018. Retrieved July 31, 2018.
- ↑ "SRAX Joins Russell Microcap® Index" (Press release). SRAX. June 25, 2018. Retrieved July 31, 2018 – via PRNewswire.[self-published source]
External links[edit]
- Social Reality, Inc. corporate website
- BigToken website
- "Corporate Profile, Social Reality, Inc.", Wallstreet research. Retrieved on 15 July 2014.
- Securities & Exchange Commission Filings
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