Jumptap, a Keating Capital Portfolio Company, Completes Merger with NYSE-Listed Millennial Media

  Jumptap, a Keating Capital Portfolio Company, Completes Merger with
  NYSE-Listed Millennial Media

 Pre-IPO Investor’s Portfolio Company Acquired by Leading Independent Mobile
                             Advertising Platform

Business Wire

GREENWOOD VILLAGE, Colo. -- November 11, 2013

Keating Capital, Inc. (Nasdaq: KIPO) (www.KeatingCapital.com) announced that,
on November 6, 2013, portfolio company Jumptap, Inc. completed its merger with
Millennial Media, Inc. (NYSE: MM). The merger agreement was initially
announced by Jumptap and Millennial Media on August 13, 2013.

Keating Capital invested $5.0 million in Jumptap’s Series G convertible
preferred stock on June 29, 2012. As part of the merger, the holders of Series
G convertible preferred stock were entitled to receive shares of Millennial
Media common stock with a value equal to 1.75x their invested capital based on
the closing merger price of $7.05 per share. At the closing of the merger, in
exchange for its Jumptap Series G preferred stock and after certain share
adjustments, Keating Capital received 1,247,893 shares of Millennial Media’s
common stock with a total value of approximately $8.8 million, based on the
closing merger price. As of September 30, 2013, the fair value of the
Company’s investment in Jumptap was marked at $7.2 million, which reflected
$2.2 million of unrealized appreciation.

Pursuant to a contractual lockup agreement, Keating Capital may not sell any
shares of Millennial Media common stock for the initial 90-day period
following the closing. Beginning on or about February 4, 2014, Keating Capital
may sell up to one-third of its shares. All lockup restrictions expire on or
about May 5, 2014. The ultimate value that Keating Capital may be able to
realize on its Jumptap investment will depend on the actual trading price of
Millennial Media’s common stock as and when it ultimately disposes of its

In addition, at the closing of the merger, Keating Capital was required to set
aside in escrow a total of 135,194 shares of Millennial Media for a one-year
period following the closing as partial security for potential stockholder
indemnification obligations.

Keating Capital’s investment in Jumptap represents the sixth portfolio company
(out of a total of 21 portfolio company investments) to have completed an IPO
or sale transaction since Keating Capital’s initial portfolio company
investment in January 2010.

About Keating Capital, Inc.

Keating Capital (www.keatingcapital.com) is a closed-end fund (regulated as a
business development company under the Investment Company Act of 1940) that
specializes in making pre-IPO investments in emerging growth companies that
are committed to and capable of becoming public. Keating Capital provides
investors with the ability to participate in a publicly traded fund that
allows its stockholders to share in the potential value accretion that Keating
Capital believes typically occurs once a company transforms from private to
public status. Keating Capital’s shares are listed on Nasdaq under the ticker
symbol “KIPO.”

Forward-Looking Statements

This press release may contain statements of a forward-looking nature relating
to future events. These forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These statements
reflect Keating Capital’s current beliefs, and a number of important factors
could cause actual results to differ materially from those expressed in this
press release, including the factors set forth in “Risk Factors” set forth in
Keating Capital’s Form 10-K and Form 10-Q filed with the Securities and
Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer
to Keating Capital’s SEC filings for a more detailed discussion of the risks
and uncertainties associated with its business, including but not limited to
the risks and uncertainties associated with investing in micro- and small-cap
companies. Except as required by the federal securities laws, Keating Capital
undertakes no obligation to revise or update any forward-looking statements,
whether as a result of new information, future events or otherwise. The
reference to Keating Capital’s website has been provided as a convenience, and
the information contained on such website is not incorporated by reference
into this press release.


Keating Capital, Inc.
Investor Relations:
Margie L. Blackwell, 720-889-0133
Investor Relations Director
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