Perion Network Ltd. Announces Upsize and Pricing of $57.4 Million Follow-on Offering of Ordinary Shares
January 20 2021 - 8:49AM
Business Wire
Perion Network Ltd. (NASDAQ: PERI), a global advertising
technology company that delivers its Synchronized Digital Branding
solution across the three main pillars of digital advertising – ad
search, social media and display / video / CTV advertising – today
announced the pricing of a follow-on public offering of 4,990,000
of its ordinary shares at a public offering price of $11.50 per
share, for gross proceeds of $57.4 million. The offering was
upsized from the previously announced offering of $50 million. The
shares are being offered by the Company pursuant to an effective
shelf registration statement on file with the Securities and
Exchange Commission (the “SEC”). In connection with the offering,
the Company has granted the underwriters a 30-day option to
purchase up to an additional 748,500 ordinary shares to be sold in
the offering on the same terms and conditions. The offering is
expected to close on January 22, 2021, subject to satisfaction of
customary closing conditions.
Perion’s ordinary shares are listed on the Nasdaq Global Select
Market and TASE under the ticker symbols “PERI” and “PERI.TA”,
respectively.
Oppenheimer & Co. Inc. and Stifel, Nicolaus & Company,
Incorporated are acting as joint book-running managers in this
offering. Roth Capital Partners and Lake Street Capital Markets,
LLC are acting as co-managers. Needham & Co. is serving as an
advisor of the Company.
Perion intends to use the net proceeds from the offering as
additional working capital, for funding the growth of its business,
including potentially, funding any merger or acquisition
opportunities that may arise with companies that have products,
services and technologies that are complementary to its business,
and for general corporate purposes.
A shelf registration statement relating to the ordinary shares
to be issued in the offering was filed with the SEC and is
effective. A final prospectus supplement and accompanying base
prospectus relating to and describing the final terms of the
offering may be obtained, when available, from the SEC’s website
located at www.sec.gov or from Oppenheimer & Co. Inc.,
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th
Floor, New York, New York 10004, by telephone at +1 (212) 667-8055,
or by email at EquityProspectus@opco.com; Stifel, Nicolaus &
Company, Incorporated, Attention: Prospectus Department, One
Montgomery Street, Suite 3700, San Francisco, California 94101, by
telephone at +1 (415) 364-2720, or by email at
syndprospectus@stifel.com.
This press release shall 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.
About Perion Network Ltd.
Perion is a global technology company that delivers strategic
business solutions that enable brands and advertisers to
efficiently and successfully “Capture and Convince” users across
multiple platforms and channels, including interactive connected
television – or iCTV. Perion achieves this through its Synchronized
Digital Branding capabilities, which are focused on high impact
creative; content monetization; its branded search network, in
partnership with Microsoft Bing; and social media management that
orchestrates and optimizes paid advertising. This diversification
positions Perion for growth as budgets shift across categories.
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version on businesswire.com: https://www.businesswire.com/news/home/20210120005437/en/
Perion Network Ltd. Rami Rozen, VP of Investor Relations
+972 (52) 5694441 ramir@perion.com
Perion Network (NASDAQ:PERI)
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