Synacor Prices Public Offering of Common Stock
April 06 2017 - 9:01AM
Business Wire
Synacor, Inc. (Nasdaq: SYNC) (Synacor), the trusted technology
development, multiplatform services and revenue partner for video,
internet and communications providers, device manufacturers, and
enterprises, today announced the pricing of an underwritten public
offering of 5,715,000 shares of its common stock at a price to the
public of $3.50 per share. In connection with the offering, Synacor
granted the underwriters a 30-day option to purchase 857,250
additional shares of common stock. All of the shares in the
offering are being sold by Synacor. This offering is expected to
close on or about April 11, 2017 subject to customary closing
conditions.
Canaccord Genuity and Needham & Company are acting as joint
book-running managers.
Synacor intends to use the net proceeds from this offering for
general corporate purposes and working capital. In addition,
Synacor believes the net proceeds will strengthen its balance sheet
and allow it to acquire, or finance on more attractive terms,
equipment and make other capital investments necessary to support
additional customers and the delivery of additional services to
existing customers. Synacor may also use a portion of the net
proceeds to acquire or invest in businesses, products or
technologies that it believes are complementary to its own,
although it is not currently planning or negotiating any such
transactions.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
filed with the Securities and Exchange Commission (SEC) and
declared effective by the SEC on December 1, 2016. A preliminary
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering has been filed with the SEC
and is available on the SEC’s web site at www.sec.gov. Copies of
the final prospectus supplement and accompanying prospectus
relating to these securities will be filed with the SEC and will be
available on the SEC’s web site at www.sec.gov. Copies of the final
prospectus supplement and accompanying prospectus relating to these
securities may also be obtained by contacting Canaccord Genuity
Inc., Attention: Syndicate Department, 99 High Street, 12th Floor,
Boston, Massachusetts 02110, by telephone at (617) 371-3900, or by
email at prospectus@canaccordgenuity.com, or by contacting Needham
& Company, LLC, Attention: Syndicate Prospectus Department, 445
Park Avenue, 4th Floor, New York, New York 10022, or by telephone
at 1-800-903-4696, or by email at prospectus@needhamco.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor will
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale is not
permitted.
About Synacor, Inc.
Synacor (Nasdaq: SYNC) is the trusted technology development,
multiplatform services and revenue partner for video, internet and
communications providers, device manufacturers, and enterprises.
Synacor’s mission is to enable its customers to better engage with
their consumers. Its customers use Synacor’s technology platforms
and services to scale their businesses and extend their subscriber
relationships. Synacor delivers managed portals, advertising
solutions, email and collaboration platforms, end-to-end video
solutions and cloud-based identity management.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, including but not limited to statements regarding the
closing of the public offering. These forward-looking statements
are subject to a number of risks, including the satisfaction of
customary closing conditions related to the proposed public
offering and the risk factors set forth from time to time in
Synacor’s SEC filings, including but not limited to the risks that
are described in the “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations”
sections of Synacor’s Annual Report on Form 10-K for the year ended
December 31, 2016, which is on file with the SEC and available on
the SEC's website at www.sec.gov. In addition to the risks
described above and in Synacor’s other filings with the SEC, other
unknown or unpredictable factors also could affect Synacor’s
results. No forward-looking statements can be guaranteed and actual
results may differ materially from such statements. The information
in this release is provided only as of the date of this release,
and Synacor undertakes no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170406005628/en/
Investor Contact:Sharon Merrill AssociatesDavid Calusdian,
617-542-5300Presidentir@synacor.com
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