The Film Department Holdings Inc. cut the expected price range for its initial public offering Tuesday, as the company continues its effort to raise funds by selling stock to investors.
The movie studio, based in West Hollywood, Calif., was first scheduled to start trading in early February.
In a regulatory filing Tuesday, it raised the number of shares it is offering investors to 5.5 million from 4.6 million, and cut the expected price range for its shares to $10 to $12 from $12 to $14. The amended offer would raise about $60.5 million, up from $59.8 million.
It had originally hoped to sell as many as 7.1 million shares for $12 to $14 when it filed to go public in December.
In March, Film Department cut the number of shares it was offering investors to 4.6 million from 6.5 million.
The company was founded in May 2007 by two film executives. It has released one movie, "Law Abiding Citizen," with Gerard Butler and Jamie Foxx, which has earned more than $115 million worldwide. Film Department says it plans to produce about 20 movies during the next five years.
In 2009, Film Department lost $10 million on revenue of $40.3 million. The previous year, it had no revenue and lost $14.1 million.
In its filing Tuesday, Film Department said again that without additional funds, it could be forced to discontinue operations. Its accounting firm has stated concerns about its ability to continue as a going concern, the company said.
The company expects to trade on the Nasdaq under the symbol "TFDI."
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