Qumu Closes Public Offering of Common Stock; Repays Term Debt in Full
November 13 2019 - 8:30AM
Business Wire
Qumu (NASDAQ: QUMU), the leading provider of best-in-class video
technology for the enterprise, announced that on November 12, 2019
it closed on its previously announced underwritten public offering
of 3,652,000 shares of its common stock. Craig-Hallum Capital Group
acted as the sole managing underwriter for the offering. The net
proceeds to Qumu from the offering were approximately $8.2 million,
after deducting underwriting discounts and commissions and other
estimated offering expenses payable by the company.
Also on November 12, 2019, Qumu used approximately $4.8 million
of the net proceeds from the offering to repay all outstanding
amounts under its term loan credit agreement with ESW Holdings,
Inc. and the term loan credit agreement was terminated. The
remaining net proceeds from the offering will be used for working
capital and general corporate purposes.
“With this financing completed and the term loan repaid, we are
in a strong financial position and ready to put our additional
capital to work to support our plan for future growth,” said Vern
Hanzlik, President and CEO of Qumu. “Our expanded sales pipeline
and building operational momentum, when combined with continued
execution against our growth strategy, should translate to
accelerated growth and market share gains in years ahead.”
About Qumu
Qumu Corporation (Nasdaq: QUMU) is the 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,
the expected uses of the proceeds from the 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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version on businesswire.com: https://www.businesswire.com/news/home/20191113005470/en/
Dave Ristow Chief Financial Officer Qumu Corporation
Dave.Ristow@qumu.com +1.612.638.9045
Investor Contact: Matt Glover or Tom Colton Gateway
Investor Relations QUMU@gatewayir.com +1.949.574.3860
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