Perion Network Announces Closing of $180.0 Million Follow-on Offering of Ordinary Shares, Including Full Exercise of Underwriters’ Option to Purchase Additional Shares
December 13 2021 - 4:02PM
Business Wire
Perion Network Ltd. (NASDAQ: PERI), a global advertising
technology company that delivers holistic solutions across the
three main pillars of digital advertising – ad search, social media
and display / video / CTV advertising – today announced that its
follow-on public offering closed on December 13, 2021. The total
number of ordinary shares sold by the Company was 8,372,092,
inclusive of the full exercise of the underwriters’ option to
purchase up to an additional 1,092,012 shares, at the public
offering price of $21.50 per share, less underwriting discounts and
commissions. The shares sold by the Company resulted in aggregate
gross proceeds to the Company of $180.0 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.
“Following this oversubscribed offering, the second in less than
a year, we are happy to add additional reputable investors to the
list of our shareholders,” said Eyal Kaplan, Perion’s Chairman of
The Board. "Perion’s diversification strategy has allowed us to
provide an increased guidance and expect 42% growth of revenue and
97% growth in our adjusted EBITDA in 2021; this strong vote of
confidence by the equity markets will allow us to continue and
pursue our goals in a strategic, disciplined and execution-focused
way, as we have until now.”
Oppenheimer & Co. Inc., Stifel, Nicolaus & Company,
Incorporated and Raymond James & Associates, Inc. acted as
joint book-running managers in this offering. Roth Capital Partners
and Lake Street Capital Markets, LLC acted as co-managers. Needham
& Co. served as an advisor of the Company.
Perion intends to use the net proceeds from the offering as
additional working capital, to continue to fund the growth of the
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.
The offering was made pursuant to an automatically effective
shelf registration statement on Form F-3 (including a base
prospectus and a related prospectus supplement) filed with the U.S.
Securities and Exchange Commission. 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; or Raymond James & Associates, Inc.,
880 Carillon Parkway, St. Petersburg, FL 33716, email:
prospectus@raymondjames.com, telephone: 800-248-8863.
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 holistic
strategic business solutions that enable brands and advertisers to
efficiently “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.
Source: Perion Network Ltd.
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version on businesswire.com: https://www.businesswire.com/news/home/20211213005959/en/
Perion Network Ltd. Rami Rozen, VP of Investor Relations
+972 (52) 5694441 ramir@perion.com
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