PAR Technology Announces Proposed Public Offering of Common Stock
September 30 2020 - 7:02AM
Business Wire
PAR Technology Corporation (NYSE: PAR), a leading global
provider of point of sale (POS) software, hardware and integrated
technical solutions to the restaurant and retail industries, today
announced the commencement of a proposed underwritten public
offering of 3,350,000 shares of its common stock. All of the shares
to be sold in the offering will be offered by PAR Technology. In
addition, PAR Technology expects to grant Jefferies LLC, the
underwriter of the offering, a 30-day option to purchase up to an
additional 502,500 shares of common stock at the public offering
price, less underwriting discounts and commissions. The offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
PAR Technology expects to use the net proceeds from this
offering for working capital and general corporate purposes, and
may also use a portion of the proceeds to acquire or invest in
other assets complementary to its business.
Jefferies is acting as sole manager for the offering.
The shares are being offered by PAR Technology pursuant to an
automatically effective shelf registration statement that was filed
with the Securities and Exchange Commission (“SEC”) on September
30, 2020.
The offering is being made only by means of a prospectus and
prospectus supplement that form a part of the registration
statement. A preliminary prospectus supplement relating to and
describing the terms of the offering is expected to be filed with
the SEC and, if and when filed, copies of the preliminary
prospectus supplement relating to the offering may be obtained for
free by visiting the SEC’s website at www.sec.gov. When available,
copies of the preliminary prospectus supplement and the
accompanying prospectus may also be obtained by contacting:
Jefferies LLC, Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022; by phone at (877) 821-7388;
or by e-mail at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the
solicitation of any offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About PAR Technology Corporation
PAR Technology Corporation, through its wholly owned subsidiary
ParTech, Inc., is a customer success-driven, global restaurant and
retail technology company with over 100,000 restaurants in more
than 110 countries using its point of sale hardware and software.
ParTech’s Brink POS® integration ecosystem enables quick service,
fast casual, table service, and cloud restaurants to improve their
operational efficiency by combining its cloud-based POS software
with the world’s leading restaurant technology platforms. PAR
Technology’s Government segment is a leader in providing
computer-based system design, engineering and technical services to
the Department of Defense and various federal agencies.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, Section 27A of the Securities Act of 1933, as amended,
and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical in nature, but rather
are predictive of PAR Technology’s future operations, financial
condition, business strategies and prospects. These statements
include, but are not limited to, statements relating to PAR
Technology’s anticipated public offering. Forward-looking
statements are generally identified by words such as “anticipate,”
“believe,” “belief,” “continue,” “could,” “expect,” “estimate,”
“intend,” “may,” “opportunity,” “plan,” “should,” “will,” “would,”
“will likely result,” and similar expressions. Forward-looking
statements are based on current expectations and assumptions that
are subject to a variety of risks and uncertainties, many of which
are beyond PAR Technology’s control, which could cause PAR
Technology’s actual results to differ materially from those
expressed in or implied by forward-looking statements contained in
this press release. Factors that could cause PAR Technology’s
actual results to differ materially from those expressed in or
implied by forward-looking statements contained in this press
release include the uncertainties related to market conditions and
the completion of the public offering on the anticipated terms or
at all, and other factors described in the “Risk Factors” section
of the preliminary prospectus supplement relating to the proposed
offering to be filed with the SEC and the factors described in PAR
Technology’s most recent Annual Report on Form 10-K, as updated by
its most recent Quarterly Report on Form 10-Q, and its other
filings with the SEC. PAR Technology does not undertake, and
expressly disclaims any duty, to update any statement made in this
press release, whether as a result of new information, new
developments or otherwise, except to the extent that disclosure may
be required under applicable securities law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200930005443/en/
Christopher R. Byrnes (315) 743-8376 chris_byrnes@partech.com,
www.partech.com
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