red violet Announces Closing of $21.0 Million Registered Direct Offering
November 23 2021 - 4:38PM
Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and
information solutions provider, today announced the closing of
$21.0 million in growth financing from existing investors through
the sale of 552,915 shares of common stock at a price of $38.00 per
share in a previously announced registered direct offering. The
offering effectively closes out the Company’s “shelf” registration
statement on Form S-3 (Registration No. 333-233025) filed with the
Securities and Exchange Commission (the “SEC”) on August 5, 2019
and declared effective by the SEC on August 9, 2019 and the
effective Registration statement on Form S-3MEF (Registration No.
333-261202) filed with the SEC on November 19, 2021, which upsized
the amount of securities available to be sold as part of the shelf
by the maximum allowable of 20%.
The Company intends to use the proceeds in furtherance of its
mission to be the leader in Identity intelligence, including,
without limitation, the acceleration of its market expansion in key
verticals including financial services, real estate and the public
sector, as well as for working capital and other general corporate
purposes or in connection with potential future
transactions. The net proceeds to the Company from the
offering after deducting estimated offering expenses is
approximately $20.9 million.
The Company did not use an investment banker in connection with
the offering.
“This investment recognizes red violet’s differentiated assets,
enormous market opportunity, and path to being the leader in
identity resolution,” commented Derek Dubner, red violet’s CEO. “We
will increase investment in the data science behind our machine
learning powered platform, in our cloud-native architecture to
further expand the lead over competitive platforms, and in sales
and business development resources in key verticals.”
About red violet®At red
violet, we build proprietary technologies and apply analytical
capabilities to deliver identity intelligence. Our technology
powers critical solutions, which empower organizations to operate
with confidence. Our solutions enable the real-time identification
and location of people, businesses, assets and their
interrelationships. These solutions are used for purposes including
risk mitigation, due diligence, fraud detection and prevention,
regulatory compliance, and customer acquisition. Our intelligent
platform, CORE™, is purpose-built for the enterprise, yet flexible
enough for organizations of all sizes, bringing clarity to massive
datasets by transforming data into intelligence. Our solutions are
used today to enable frictionless commerce, to ensure safety, and
to reduce fraud and the concomitant expense borne by society. For
more information, please visit www.redviolet.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," as
that term is defined under the Private Securities Litigation Reform
Act of 1995 (PSLRA), which statements may be identified by words
such as "expects," "plans," "projects," "will," "may,"
"anticipate," "believes," "should," "intends," "estimates," and
other words of similar meaning. Such forward looking statements are
subject to risks and uncertainties that are often difficult to
predict, are beyond our control and which may cause results to
differ materially from expectations, including the intended use of
proceeds from the offering and the Company’s path to being the
leader in identity resolution. Readers are cautioned not to place
undue reliance on these forward-looking statements, which are based
on our expectations as of the date of this press release and speak
only as of the date of this press release and are advised to
consider the factors listed above together with the additional
factors under the heading "Forward-Looking Statements" and "Risk
Factors" in red violet's Form 10-K for the year ended December 31,
2020 filed on March 10, 2021, as may be supplemented or amended by
the Company's other SEC filings. We undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise, except as
required by law.
Investor Relations Contact:Camilo RamirezRed
Violet, Inc.561-757-4500ir@redviolet.com
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