Smith Micro Announces $2.2 Million Registered Direct Offering of Common Stock
May 17 2017 - 9:38AM
Business Wire
Smith Micro Software, Inc. (NASDAQ: SMSI), today announced that
it has entered into a definitive agreement with several investors
to purchase an aggregate of approximately 2.1 million shares of
common stock at a purchase price of $1.05 per share in a registered
direct offering. The offering is expected to close on or about May
17, 2017, subject to the satisfaction of customary closing
conditions.
Sutter Securities Incorporated and Chardan Capital are acting as
placement agents in connection with this offering.
The estimated net proceeds to the Company from the sale of the
shares of common stock in the registered direct offering are
expected to be approximately $1.9 million. The Company intends to
use the net proceeds for general corporate purposes.
A shelf registration statement on Form S-3 relating to the
shares of common stock to be issued in this offering was filed with
and declared effective by the Securities and Exchange Commission
(the "SEC"). A prospectus supplement and the accompanying
prospectus relating to the offering will be filed by the Company
with the SEC. Copies of the prospectus supplement and the
accompanying prospectus, when available, can be obtained at the
SEC's website at http://www.sec.gov and also be obtained by
contacting Sutter Securities, 220 Montgomery Street, San Francisco,
CA 94104, by calling 415-352-6300 or by emailing
inquiry@suttersf.com.
This press release shall not constitute an offer to sell nor the
solicitation of an 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. This offering may only be made by means of a
prospectus supplement and related base prospectus.
About Smith Micro Software, Inc.:
Smith Micro develops software to simplify and enhance the mobile
experience, providing solutions to some of the leading wireless
service providers, device manufacturers, and enterprise businesses
around the world. From optimizing wireless networks to uncovering
customer experience insights, and from streamlining Wi-Fi access to
ensuring family safety, our solutions enrich today’s connected
lifestyles while creating new opportunities to engage consumers via
smartphones. Our portfolio also includes a wide range of products
for creating, sharing and monetizing rich content, such as visual
messaging, video streaming, and 2D/3D graphics applications. For
more information, visit smithmicro.com (NASDAQ: SMSI)
Safe Harbor Statement:
This release contains forward-looking statements that involve
risks and uncertainties, including without limitation,
forward-looking statements relating to the company’s financial
prospects and other projections of its performance, the existence
of new sales opportunities and interest in the company’s products
and solutions, the company's ability to increase its revenue by
capitalizing on new opportunities, and customer concentration given
that the majority of our sales depend on a few large client
relationships, including Sprint. Among the important factors that
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements are the
company’s ability to continue as a going concern, our ability to
raise more funds to meet our capital needs, changes in demand for
the company’s products from its customers and their end-users, new
and changing technologies, customer acceptance and timing of
deployment of those technologies, and the company's ability to
compete effectively with other software and technology companies.
These and other factors discussed in the company's filings with the
Securities and Exchange Commission, including our filings on Forms
10-K and 10-Q, could cause actual results to differ materially from
those expressed or implied in any forward-looking statements. The
forward-looking statements contained in this release are made on
the basis of the views and assumptions of management regarding
future events and business performance as of the date of this
release, and the company does not undertake any obligation to
update these statements to reflect events or circumstances
occurring after the date of this release.
Smith Micro and the Smith Micro logo are registered trademarks
or trademarks of Smith Micro Software, Inc. All other trademarks
and product names are the property of their respective
companies.
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version on businesswire.com: http://www.businesswire.com/news/home/20170517005764/en/
Smith Micro Software, Inc.Charles Messman, +1
949-362-5800IR@smithmicro.com
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