Intellicheck Announces Pricing of Its Public Offering of Common Stock
June 19 2020 - 8:15AM
Business Wire
Intellicheck, Inc. (NASDAQ: IDN) (“Intellicheck”), an industry
leader in identification authentication solutions, today announced
the pricing of its previously announced underwritten registered
public offering of 1,538,461 shares of its common stock at a public
offering price of $6.50 per share. As part of the offering,
Intellicheck granted the underwriter a 30-day option to purchase at
the public offering price up to an additional 230,769 shares of its
common stock to cover over-allotments, if any. All shares of common
stock to be sold in the offering are being offered by Intellicheck.
Intellicheck expects to close the offering on or about June 23,
2020, subject to the satisfaction of customary closing
conditions.
The total gross proceeds from the offering are expected to be
approximately $10.0 million, assuming no exercise of the
underwriter’s over-allotment option. Intellicheck intends to use
the net proceeds from this offering (after deducting the
underwriting discount and other estimated offering expenses payable
by Intellicheck) for general corporate purposes and working
capital.
Northland Capital Markets is acting as the sole book-running
manager for the offering and B. Riley FBR is serving as a financial
advisor in connection with the offering.
The offering is being made pursuant to a shelf registration
statement on Form S-3 (File No. 333-238680) that was previously
filed with the Securities and Exchange Commission (the “SEC”) on
May 22, 2020, amended on June 1, 2020, and declared effective on
June 4, 2020. A preliminary prospectus supplement and accompanying
prospectus relating to and describing the terms of the offering
were filed with the SEC on June 18, 2020 and may be obtained by
visiting EDGAR on the SEC's website at www.sec.gov or by contacting
Northland Securities, Inc., Attention: Heidi Fletcher, 150 South
Fifth Street, Suite 3300, Minneapolis, Minnesota 55402, email at
hfletcher@northlandcapitalmarkets.com or telephone (612) 851-4918.
The final terms of the offering will be disclosed in a final
prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Intellicheck
Intellicheck is a trusted industry leader in technology
solutions that stop identity theft and fraud with real-time
identification authentication and age verification. Intellicheck
makes it possible for its clients to increase revenues, improve
customer service, and increase operational efficiencies.
Intellicheck is focused on partnering with banks, credit card
issuers and retailers to prevent fraud. Intellicheck also serves
law enforcement agencies, national defense clients and diverse
state and federal government agencies.
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. Although the forward-looking statements in this release
reflect the good faith judgment of management, forward-looking
statements are inherently subject to known and unknown risks and
uncertainties that may cause actual results to be materially
different from those discussed in these forward-looking statements.
Readers are urged to carefully review and consider the various
disclosures made by Intellicheck in the reports it has filed with
the SEC, including the risk factors that attempt to advise
interested parties of the risks that may affect its business,
financial condition, results of operation and cash flows. If one or
more of these risks or uncertainties materialize, or if the
underlying assumptions prove incorrect, Intellicheck’s actual
results may vary materially from those expected or projected.
Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Intellicheck assumes no obligation to update any
forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this release.
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