Qumu Closes Public Offering of Common Stock
February 04 2021 - 7:00AM
Business Wire
Qumu Corporation (Nasdaq: QUMU), a leading provider of
cloud-based enterprise video technology for organizations of all
sizes, has closed its previously announced underwritten public
offering of common stock, effective January 29, 2021.
Qumu sold a total of 3,708,750 shares of its common stock in the
offering, after the underwriter’s full exercise of its
overallotment option. Net proceeds to Qumu from the offering were
approximately $23.1 million, after deducting underwriting discounts
and commissions and other estimated offering expenses. Craig-Hallum
Capital Group acted as the sole managing underwriter for the
offering.
“The proceeds from this offering will allow us to accelerate
many key initiatives within our long-term strategic roadmap and
keep us well capitalized for other high-value opportunities,” said
TJ Kennedy, president and CEO of Qumu. “Qumu is laser focused on
helping our global customers use video to power remote
collaboration and engage more effectively with employees, customers
and partners. With this investment, we’re well-positioned to
execute against our cloud-first vision. Over time, our success
should translate to demonstrable growth in a massive addressable
market with improved, high-margin recurring revenues.”
The securities described above were offered by Qumu Corporation
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
registration statement on Form S-3 also relating to the public
offering of the shares of common stock described above was filed
with the SEC on January 25, 2021 pursuant to Rule 462(b) and was
effective upon filing. A final prospectus supplement relating to
the offering also has been filed with the SEC. Copies of the final
prospectus supplement and accompanying base prospectus relating to
this offering 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.
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,
the execution of the Company’s long-term strategic roadmap and 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/20210204005374/en/
Company Contact:
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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