SITO Mobile Announces Closing of Public Offering and Full Exercise of Overallotment Option
September 21 2016 - 9:30AM
SITO Mobile Ltd. (NASDAQ:SITO) (the “Company”), a leading mobile
engagement platform, has closed its previously announced
public offering of 2,666,667 shares of its common stock, plus an
additional 400,000 shares sold upon full exercise of the
underwriters’ overallotment option at a price to the public of
$3.75 per share.
The Company received gross proceeds of $11.5 million and
estimates net proceeds from the offering to be approximately $10.3
million after deducting the underwriting commissions, legal fees
and other estimated offering expenses.
The Company expects to use the net proceeds from the offering
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.
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.
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 WilkinsonSVP
Investor RelationsJoseph.Wilkinson@sitomobile.com
Media Relations:Alexandra Levy Silicon Alley Media
alex@siliconalley-media.com
RELATED LINKShttp://www.sitomobile.com
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