Upland Software reseller looks to sell convertible preferreds

Chicago, Oct. 21 – Upland Software, Inc. announced that a selling stockholder is proposing to sell up to 115,000 shares of series A convertible preferred stock and up to 7,908,572 shares of the company’s common stock issuable upon conversion of the 115,000 shares of preferred stock, according to an S-3 filing with the Securities and Exchange Commission.

The closing price of the company’s common stock (Nasdaq: UPLD) was $7.15 per share on Oct. 19.

Upland will not receive any of the proceeds from the sale.

Upland sold the 115,000 shares at $1,000 per share on Aug. 23 for a purchase price of $115 million.

The preferred stock is perpetual.

Upland makes cloud-based enterprise work management software and is based in Austin, Tex.

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