IDW Announces Closing of $12.3 Million Private Placement

IDW to Seek Listing on NYSE American

NEWARK, NJ and LOS ANGELES, CA / ACCESSWIRE / March 9, 2020 / IDW Media Holdings, Inc. (OTC PINK:IDWM), an integrated media company, today announced that it has closed on a private placement of 2.050 million shares of its Class B common stock at a sale price of $6.00 per share for aggregate gross proceeds of $12.3 million inclusive of a $4.0 million debt-to-equity conversion by IDW's Chairman and CEO, Howard Jonas.

IDW intends to utilize the proceeds for business development initiatives including expansion of its intellectual property (IP) library, development and growth of its entertainment slate and for general corporate purposes.

In conjunction with the successful completion of the private placement, IDW disclosed that it intends to again become a reporting company with the SEC and will seek to list its Class B common stock on the NYSE American. IDW's Class B common stock is currently quoted on the Pink Open Market.

Howard Jonas, IDW's Chairman and Chief Executive Officer, said, "With the successful conclusion of the private placement, we look forward to putting this growth capital to work. We continue to see a voracious appetite for compelling content in the digital content marketplace. To address the opportunity, we will accelerate the development and monetization of current and new IP franchises and pursue the highest value opportunities across our businesses.

"To further increase our visibility and provide our investors with enhanced liquidity and transparency, we will apply to list our Class B common stock on the NYSE American and again become an SEC reporting company," Mr. Jonas added.

IDW has agreed to register the resale of its shares sold in the private placement with the SEC.

The shares of IDW's Class B common stock were offered and sold in this private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The shares have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell, or a solicitation of an offer to purchase, the shares in any jurisdiction in which such offer or solicitation would be unlawful.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the OTC Reporting Service provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

About IDW:

IDW Media Holdings, Inc. (OTC PINK:IDWM) is an integrated media company. IDW's businesses include IDW Publishing – a leading publisher of comic books and graphic novels, IDW Entertainment – a producer and distributor of franchise content through television and other media, and CTM Media Group – one of North America's largest distributors of information for tourists and travelers.

Investor Contact:

IDW
Ezra Rosensaft, Chief Financial Officer
ezra@idwmh.com

SOURCE: IDW Media Holdings, Inc.

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