Synacor, Inc. Announces Closing of Public Offering of Common Stock
April 11 2017 - 4:01PM
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 closing of its previously
announced underwritten public offering. Synacor sold 5,715,000
shares of its common stock. The net proceeds of the offering were
approximately $18.5 million, after deducting the underwriting
discounts and commissions and the other estimated offering expenses
payable by Synacor, and will be used 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.
Canaccord Genuity and Needham & Company acted as joint
book-running managers.
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 final
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering was filed with the SEC on
April 7, 2017 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 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
Synacor 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170411006147/en/
Investor Contact:Sharon Merrill AssociatesDavid Calusdian,
617-542-5300Presidentir@synacor.comorPress Contact:SynacorMatt
Wolfrom, 716-362-3880VP, Corporate
CommunicationsMatt.Wolfrom@synacor.com
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