PITTSBURGH, July 28, 2020 /PRNewswire/ -- Mastech
Digital, Inc. (NYSE American: MHH), a leading provider of Digital
Transformation IT Services (the "Company" or "Mastech Digital"),
announced today the filing of a "universal shelf" registration
statement on Form S-3 (the "Registration Statement") with the
United States Securities and Exchange Commission ("SEC").
If and when declared effective by the SEC, the Registration
Statement will allow the Company the flexibility from time to time
to offer and sell up to $35.0 million
of securities, including common stock, preferred stock, debt
securities, warrants, units and subscription rights, or any
combination of the above. The specific terms of such future
offerings, if any, along with the intended use of proceeds of any
such securities, will be described in detail in a prospectus
supplement at the time of any such offering.
Vivek Gupta, Mastech Digital's
President and Chief Executive Officer, commented, "While we have no
immediate plans to raise capital under the Registration Statement,
we think it is prudent to have the additional financial flexibility
to fund future growth opportunities and our operations."
The Registration Statement will also register the resale of
up to 1,675,000 shares of common stock owned in the aggregate by
the two co-founders of the Company, Sunil
Wadhwani and Ashok Trivedi,
and certain of their respective affiliates (the "Selling
Shareholders"), who may from time to time in one or more offerings,
offer and sell shares of the Company's common stock. The Company
will not receive any of the proceeds of any sales or other
dispositions of shares of common stock by the Selling Shareholders.
The Selling Shareholders have advised the Company that they have an
interest in selling shares of common stock to diversify their
respective holdings but that no commitments for the sale of the
shares being registered have been made at this point.
The Registration Statement relating to these securities has been
filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the Registration Statement becomes effective. Any
offering of the securities covered by the Registration Statement
will be made solely by means of a prospectus and an accompanying
prospectus supplement relating to that offering. A copy of the
prospectus included in the Registration Statement may be obtained
on the SEC's website at www.sec.gov. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any offer for sale, or solicitation of an offer
to buy, any of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
About Mastech Digital, Inc.:
Mastech Digital (NYSE American: MHH) is a leading provider of
Digital Transformation IT Services. The Company offers Data
Management and Analytics Solutions, Digital Learning, and IT
Staffing Services with a Digital First approach. A
minority-owned enterprise, Mastech Digital is headquartered in
Pittsburgh, PA with offices across
the U.S., Canada, EMEA,
India and ASEAN.
Forward-Looking Statements:
Certain statements contained in this release are forward-looking
statements based on management's expectations, estimates,
projections and assumptions. Words such as "may", "will",
"expects," "anticipates," "plans," "believes," "scheduled,"
"estimates" and variations of these words and similar expressions
are intended to identify forward-looking statements, which include
but are not limited to the Company's current expectations for the
offer and sale of securities under the Registration
Statement. These statements are based on information
currently available to the Company and it assumes no obligation to
update the forward-looking statements as circumstances
change. These statements are not guarantees of future
performance and involve certain risks and uncertainties, which are
difficult to predict. Therefore, actual future results and
trends may differ materially from what is forecast in
forward-looking statements due to a variety of factors, including,
without limitation, the level of market demand for the Company's
services, the highly-competitive market for the types of services
offered by the Company, the impact of competitive factors on profit
margins, market conditions that could cause the Company's customers
to reduce their spending for its services, and the Company's
ability to create, acquire and build new lines of business, to
attract and retain qualified personnel, reduce costs and conserve
cash, and other risks that are described in more detail in the
Company's filings with the Securities and Exchange Commission,
including its Form 10-K for the year ended December 31, 2019.
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For more information, contact:
Donna Kijowski
Manager, Investor Relations
Mastech Digital, Inc.
+1-888-330-5497
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SOURCE Mastech Digital, Inc.