SITO Mobile Announces Pricing of $10 Million Underwritten Public Offering
September 16 2016 - 9:15AM
SITO Mobile Ltd. (NASDAQ:SITO) (the “Company”), a leading mobile
engagement platform, today announced the pricing of an
underwritten public offering of 2,666,667 shares of common stock at
a public offering price of $3.75 per share for gross proceeds of
$10 million. The Company has also granted the underwriters a
30-day option to acquire up to an additional 400,000 shares on the
same terms and conditions to cover overallotments resulting from
the offering. The Company expects to receive proceeds of
approximately $9,300,000, after the underwriting discount, but
excluding any exercise of the underwriter’s overallotment option.
The offering is expected to close on September 21, 2016, subject to
customary closing conditions.
Cowen and Company, LLC acted as the sole book-running
manager for the offering with Craig-Hallum Capital Group LLC and
Maxim Group LLC as Co-Managers.
SITO Mobile currently intends to use the net proceeds for
general corporate purposes, including paydown of debt and expanding
its products and sales team and for general working capital
purposes. Although it currently has no plans, commitments or
agreements with respect to any specific acquisitions, SITO
Mobile may also use a portion of the net proceeds to acquire or
invest in complementary businesses or products.
The offering of the shares was made pursuant to the
Company’s shelf registration statement on Form S-3 (File
No. 333-213221) including a base prospectus, previously filed and
declared effective by the Securities and Exchange Commission (the
“SEC”). A preliminary prospectus supplement describing the
terms of the offering has been filed with the SEC and a final
prospectus supplement will be filed with the SEC. You may obtain
these documents free of charge by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively copies of the final prospectus
supplement and the accompanying prospectus relating to the shares
being offered may also be obtained, when available, from Cowen and
Company, LLC. c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Attn: Prospectus Department or by
calling 631-274-2806. This press release does not constitute an
offer to sell or the solicitation of an offer to buy the shares of
common stock, nor will there be any sale of the shares of common
stock in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted.
About SITO Mobile Ltd.
SITO Mobile provides a mobile engagement platform that enables
brands to increase awareness, loyalty, and ultimately sales. For
more information, visit www.sitomobile.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict and many of which are outside of our
control. Our actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements. Actual results may vary materially from those expressed
or implied from the statements in this release as a result of
changes in economic and/or business factors. Detailed information
about risk factors that may affect actual results are identified in
our filings with the SEC, including the registration statement, the
prospectus and the prospectus supplement filed in connection with
the offering of the shares. Any forward-looking statement made by
us in this press release is based only on information currently
available to us and speaks only as of the date on which it is made.
We undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Contact:
Investor Relations:
Joseph Wilkinson
SVP Investor Relations
Joseph.Wilkinson@sitomobile.com
Media Relations:
Alexandra Levy
Silicon Alley Media
alex@siliconalley-media.com
RELATED LINKS
http://www.sitomobile.com
SITO Mobile (NASDAQ:SITO)
Historical Stock Chart
From Aug 2024 to Sep 2024
SITO Mobile (NASDAQ:SITO)
Historical Stock Chart
From Sep 2023 to Sep 2024