Altisource Announces Pricing of $17.5 Million Public Offering of Common Stock
September 08 2023 - 6:59AM
Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”)
(NASDAQ: ASPS), a leading provider and marketplace for the real
estate and mortgage industries, today announced the pricing of an
underwritten public offering of 4,861,111 shares of its common
stock at a price to the public of $3.60 per share. The gross
proceeds of the offering to Altisource are expected to be
approximately $17.5 million, before deducting the underwriting
discounts and commissions and other estimated offering expenses. In
addition, the Company granted the underwriters a thirty-day option
to purchase up to an additional 729,166 shares of common stock at
the public offering price, less underwriting discounts and
commissions. All of the shares of common stock in the offering are
being sold by Altisource.
B. Riley Securities is acting as the sole
book-running manager for the offering.
Altisource intends to use the net proceeds from
the offering for general corporate purposes, including repayment of
$10 million of indebtedness under its credit agreement. The
offering is expected to close on or about September 12, 2023,
subject to the satisfaction of customary closing conditions.
The securities described above are being offered
by the Company pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-268761) initially filed with
the Securities and Exchange Commission (“SEC”) on December 12, 2022
and declared effective by the SEC on January 4, 2023. The
securities may be offered by means of a prospectus. A final
prospectus supplement and the accompanying prospectus relating to
and describing the offering will be filed with the SEC. Electronic
copies of the final prospectus supplement and the accompanying
prospectus may be obtained by vising the SEC’s website at
www.sec.gov or by contacting B. Riley Securities, 1300 17th Street
North, Suite 1300, Arlington, VA 22209 or by telephone at (703)
312-9580 or by email at prospectuses@brileyfin.com.
Disclaimer
This press release does 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 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.
Forward-Looking Statements
This press release contains forward-looking
statements that involve a number of risks and uncertainties. These
forward-looking statements include all statements that are not
historical fact, including statements that relate to, among other
things, future events or our future performance or financial
condition. These statements may be identified by words such as
“anticipate,” “intend,” “expect,” “may,” “could,” “should,”
“would,” “plan,” “estimate,” “seek,” “believe,” “potential” or
“continue” or the negative of these terms and comparable
terminology. Such statements are based on expectations as to the
future and are not statements of historical fact. Furthermore,
forward-looking statements are not guarantees of future performance
and involve a number of assumptions, risks and uncertainties that
could cause actual results to differ materially. Important factors
that could cause actual results to differ materially from those
suggested by the forward-looking statements include, but are not
limited to, the risks discussed in Item 1A of Part I “Risk Factors”
in our Form 10-K filing with the Securities and Exchange
Commission, as the same may be updated from time to time in our
Form 10-Q filings. We caution you not to place undue reliance on
these forward-looking statements which reflect our view only as of
the date of this report. We are under no obligation (and expressly
disclaim any obligation) to update or alter any forward-looking
statements contained herein to reflect any change in our
expectations with regard thereto or change in events, conditions or
circumstances on which any such statement is based. The risks and
uncertainties to which forward-looking statements are subject
include, but are not limited to, risks related to the COVID-19
pandemic, customer concentration, the timing of the anticipated
increase in default related referrals following the expiration of
foreclosure and eviction moratoriums and forbearance programs, the
timing of the expiration of such moratoriums and programs, and any
other delays occasioned by government, investor or servicer
actions, the use and success of our products and services, our
ability to retain existing customers and attract new customers and
the potential for expansion or changes in our customer
relationships, technology disruptions, our compliance with
applicable data requirements, our use of third party vendors and
contractors, our ability to effectively manage potential conflicts
of interest, macro-economic and industry specific conditions, our
ability to effectively manage our regulatory and contractual
obligations, the adequacy of our financial resources, including our
sources of liquidity and ability to repay borrowings and comply
with our credit agreements, including the financial and other
covenants contained therein, as well as Altisource’s ability to
retain key executives or employees, behavior of customers,
suppliers and/or competitors, technological developments,
governmental regulations, taxes and policies. The financial
projections and scenarios contained in this press release are
expressly qualified as forward-looking statements and, as with
other forward-looking statements, should not be unduly relied upon.
We undertake no obligation to update these statements, scenarios
and projections as a result of a change in circumstances, new
information or future events.
About Altisource
Altisource Portfolio Solutions S.A. is an
integrated service provider and marketplace for the real estate and
mortgage industries. Combining operational excellence with a suite
of innovative services and technologies, Altisource helps solve the
demands of the ever-changing markets we serve. Additional
information is available at www.altisource.com.
FOR FURTHER
INFORMATION CONTACT: |
|
Michelle D. Esterman |
Chief Financial Officer |
T: (770) 612-7007 |
E: Michelle.Esterman@altisource.com |
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