PAR Technology Announces Pricing of Public Offering of Common Stock
September 30 2020 - 9:06PM
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 pricing of an underwritten public offering of
3,350,000 shares of its common stock at a price to the public of
$38.00 per share, for total gross proceeds of $127.3 million,
before deducting underwriting discounts and commissions and
expenses payable by PAR Technology. All of the shares to be sold in
the offering are being offered by PAR Technology. In addition, PAR
Technology has granted 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 expected to
close on or about October 5, 2020, subject to satisfaction of
customary closing conditions.
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 has been filed with the SEC
and may be obtained for free by visiting the SEC’s website at
www.sec.gov. A final prospectus supplement relating to the offering
will be filed with the SEC. When available, copies of the final
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 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/20200930006028/en/
Christopher R. Byrnes (315) 743-8376 chris_byrnes@partech.com,
www.partech.com
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