Grid Dynamics Announces Completion of Redemption of Public Warrants
September 01 2021 - 7:59PM
Business Wire
Grid Dynamics Holdings, Inc. (Nasdaq: GDYN) (“Grid Dynamics”), a
leader in enterprise-level digital transformation, today announced
the completion of the redemption of all of its outstanding public
warrants.
On July 28th, 2021 the company issued a press release stating
that, pursuant to the terms of the agreement governing the Public
Warrants, it would redeem all of the public warrants that remained
outstanding at 5:00 p.m., New York City time, on August 30, 2021
(the “Redemption Date”) for a redemption price of $0.01 per Public
Warrant. The redemption was triggered because the last sales price
of the Company’s common stock was at least $18.00 per share for
twenty (20) trading days within a thirty-day (30) period that ended
July 23, 2021. Of the total of 2,773,141 warrants outstanding on
July 28, 2021, 2,753,397 were exercised and cash proceeds generated
from these exercised warrants were approximately $31.7 million.
In connection with the redemption, the Public Warrants ceased to
be traded on the Nasdaq effective August 30, 2021. The redemption
had no effect on the trading of Grid Dynamic’s common stock, which
continues to trade on the Nasdaq Capital Market under the symbol
“GDYN.”
With the competition of this redemption, as of August 30 2021,
Grid Dynamics no longer has any outstanding Public Warrants and
“Private Placement Warrants” or “Working Capital Warrants”.
“This marks an important milestone for the company. Since going
public on March 5, 2020, our focus has been centered around our
shareholders’ needs, and the completion of redemption of Public
Warrants is another step in that direction. Furthermore, this event
will result in a cleaner capital structure that will be provide a
positive backdrop for investors and shareholders,” said Anil
Doradla, CFO of Grid Dynamics.
About Grid Dynamics Holdings, Inc.
Grid Dynamics (Nasdaq: GDYN) is a digital-native technology
services provider that accelerates growth and bolsters competitive
advantage for Fortune 1000 companies. Grid Dynamics provides
digital transformation consulting and implementation services in
omnichannel customer experience, big data analytics, search,
artificial intelligence, cloud migration, and application
modernization. Grid Dynamics achieves high speed-to-market,
quality, and efficiency by using technology accelerators, an agile
delivery culture, and its pool of global engineering talent.
Founded in 2006, Grid Dynamics is headquartered in Silicon Valley
with offices across the US, UK, Netherlands, Mexico, Central, and
Eastern Europe. To learn more about Grid Dynamics, please visit
www.griddynamics.com.
Forward Looking Statements
This communication contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that are not
historical facts, and involve risks and uncertainties that could
cause actual results of Grid Dynamics to differ materially from
those expected and projected. These forward-looking statements can
be identified by the use of forward-looking terminology, including
the words “believes,” “estimates,” “anticipates,” “expects,”
“intends,” “plans,” “may,” “will,” “potential,” “projects,”
“predicts,” “continue,” or “should,” or, in each case, their
negative or other variations or comparable terminology. These
forward-looking statements include, without limitation, statements
regarding Grid Dynamic’s business and shareholders, the redemption
of the Public Warrants and the expected proceeds from the exercise
of the Public Warrants.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside Grid Dynamics’s control and are difficult to predict.
Factors that may cause such differences include, but are not
limited to, Grid Dynamics’ relatively short operating history; Grid
Dynamics ability to effectively manage its growth; Grid Dynamics’
revenues being highly dependent on a limited number of clients and
industries that are affected by seasonal trends; and other risks
and uncertainties indicated in Grid Dynamics filings with the
SEC.
Grid Dynamics cautions that the foregoing list of factors is not
exclusive. Grid Dynamics cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Grid Dynamics does not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based. Further
information about factors that could materially affect Grid
Dynamics, including its results of operations and financial
condition, is set forth under the “Risk Factors” section of the
Company’s quarterly report on Form 10-Q filed August 5, 2021 and in
other periodic filings Grid Dynamics makes with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20210901006091/en/
Grid Dynamics Investor Relations:
investorrelations@griddynamics.com
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