Harmony Holdings Cuts Warrant Exercise Price

Harmony Holdings has temporarily reduced the exercise price of its existing warrants to $3 from $4, for a 60-day period that began Jan. 28, the company said.

The Burbank company, which produces television commercials and provides music for advertisements, is also creating two new series of warrants. The B warrant is exercisable for a 90-day period, which also began Jan. 28, at $3.30. It entitles holders to receive one share of common stock and one C warrant. The C warrant is exercisable for $3.65 for a one-year period, and entitles the holder to receive one share of common stock.

The company, which has been public for a year, said it hopes to raise $5.2 million through sale of the warrants, to be used to acquire companies and enlarge its current divisions, Harmony Pictures, Serious Music and Velocity Film.