The Film Department on Tuesday lowered the price of its expected public offering and named new minority investor Mark Kvamme of Sequoia Capital to its board of directors.
Kvamme will receive more than 60,000 shares in return for his investment.
In an amended filing with the SEC, the Film Department also warned it might not have a future if the initial public doesn’t go through.
The indie production and international sales company first registered for an IPO in December, proposing a per share price of between $12 and $14. At that time, the Film Department was hoping to raise upwards of $80 million.
Tuesday’s SEC filing amended the number of shares to be offered from 4,615,385 to 5,454,545, at between $10 and $12 per share, for net proceeds of roughly $54 million.
Share prices often fluctuate during an IPO process. Sometimes, fluctuations can signal lukewarm interest among investors.
Film Department execs are barred from discussing the IPO by SEC rules, but several sources outside the company said the IPO should close by the end of the month.
A partner at Sequoia since 1999, Kvamme reps the firm’s investments in LinkedIn, FunnyorDie, Mark Logic, AdBrite and StrongMail. Previous to joining Sequoia, he was a founding member of Apple France.