Qumu Announces Proposed Public Offering of Common Stock
November 06 2019 - 4:10PM
Business Wire
Qumu Corporation (NASDAQ: QUMU), a leading provider of
best-in-class video technology for the enterprise, announced today
that it intends to offer and sell shares of its common stock in an
underwritten registered public offering. In addition, Qumu intends
to grant the underwriter a 30-day option to purchase up to an
additional 15% of the shares of its common stock sold in the
offering to cover over-allotments, if any. All shares of common
stock to be sold in the proposed offering will be sold by Qumu. The
proposed 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.
If the offering is completed, Qumu intends to use approximately
$4.5 million of the net proceeds from the offering to repay the
outstanding principal and accrued interest under its term loan
credit agreement with ESW Holdings, Inc., and any remaining net
proceeds from the offering for working capital and general
corporate purposes.
Craig-Hallum Capital Group is acting as the sole managing
underwriter for the proposed offering.
The proposed offering is being made pursuant to a shelf
registration statement on Form S-3 (File No. 333-233470) that was
declared effective by the U.S. Securities and Exchange Commission,
or the SEC, on September 5, 2019. A preliminary prospectus
supplement and accompanying prospectus relating to and describing
the terms of the proposed offering have been filed with the SEC and
may be obtained by visiting the SEC’s website at www.sec.gov or by
contacting Craig-Hallum Capital Group LLC, 222 South Ninth Street,
Suite 350, Minneapolis, MN 55402, by telephone at 612-334-6300 or
by email at prospectus@chlm.com. The final terms of the proposed
offering will be disclosed in a final prospectus supplement to be
filed with the SEC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or other 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
other jurisdiction.
About Qumu
Qumu Corporation (Nasdaq: QUMU) is a leading provider of
best-in-class tools to create, manage, secure, distribute and
measure the success of live and on-demand video for the enterprise.
Backed by the most trusted and experienced team in the industry,
the Qumu platform enables global organizations to drive employee
engagement, increase access to video, and modernize the workplace
by providing a more efficient and effective way to share
knowledge.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These include statements regarding, but not limited to,
Qumu’s intention to the offer the securities and the expected uses
of the proceeds from the proposed offering. Forward-looking
statements can be identified by the use of words such as “may,”
“will,” “plan,” “should,” “expect,” “anticipate,” “estimate,”
“continue” or comparable terminology. Forward-looking statements
involve risks and uncertainties that could cause actual results or
developments to differ materially from those indicated due to a
number of factors affecting Qumu’s operations, markets, products
and services. Qumu identifies the principal risks and uncertainties
that impact its performance in its public reports filed with the
SEC, including the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition” sections of Qumu’s most recent
Annual Report on Form 10-K, as may be supplemented or amended by
Qumu’s subsequent Quarterly Reports on Form 10-Q. Forward-looking
statements speak only as of the date on which they are made and
Qumu assumes no obligation to update any forward-looking
statements.
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Investor Contact Dave Ristow Chief Financial Officer Qumu
Corporation Dave.Ristow@qumu.com +1.612.638.9045
Qumu (NASDAQ:QUMU)
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