Perion Network Ltd. Announces Closing of $66 Million Follow-on Offering of Ordinary Shares, Including Full Exercise of Underw...
January 22 2021 - 4:30PM
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 that its previously announced public offering closed on
January 22, 2021. The total number of ordinary shares sold by the
Company was 5,738,500, inclusive of the full exercise of the
underwriters’ option to purchase up to an additional 748,500
shares, at the public offering price of $11.50 per share, less
underwriting discounts and commissions. After giving effect to the
option closing, the shares sold by the Company resulted in
aggregate gross proceeds to the Company of approximately $66
million before deducting underwriting discounts and commissions and
estimated offering expenses payable by the Company.
Perion’s ordinary shares are listed on the Nasdaq Global Select
Market and TASE under the ticker symbols “PERI” and “PERI.TA”,
respectively.
“Perion is building a unique asset in the digital media
ecosystem,” said Eyal Kaplan, Chairman of the Board of Directors of
Perion. “The successful, upsized follow-on offering that we have
completed is a testament to the confidence that investors have in
our long-term growth strategy and commitment to operational and
financial excellence. We thank our shareholders for their trust in
us, and we will continue to work tirelessly for them, our
employees, and customers.”
Oppenheimer & Co. Inc. and Stifel, Nicolaus & Company,
Incorporated acted as joint book-running managers in this offering.
Roth Capital Partners and Lake Street Capital Markets, LLC acted 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
issued in the offering was filed with the SEC and is effective. A
final prospectus supplement and the accompanying base prospectus
relating to and describing the final terms of the offering may be
obtained 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/20210122005439/en/
Perion Network Ltd. Rami Rozen, VP of Investor Relations
+972 (52) 5694441 ramir@perion.com
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