Bookrunner Craig-Hallum Capital helps fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 12 – Cyren Ltd. said it priced an $11 million public sale of stock with a $1.65 million greenshoe. The offering was announced Aug. 6.
The company will sell 6,666,666 common shares at $1.65 per share. The price per share reflects an 8.33% discount to the Aug. 6 closing share price of $1.80.
Craig-Hallum Capital Group LLC is the bookrunner.
Settlement is expected Aug. 17.
Proceeds will be used for general corporate purposes, including research and development, sales and marketing and working capital.
The Herzliya, Israel, company provides messaging, antivirus and web security solutions.
| Issuer: | Cyren Ltd.
|
| Issue: | Common stock
|
| Amount: | $11 million
|
| Greenshoe: | $1.65 million, or 999,999 shares
|
| Shares: | 6,666,666
|
| Price: | $1.65
|
| Warrants: | No
|
| Bookrunner: | Craig-Hallum Capital Group LLC
|
| Announcement date: | Aug. 6
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 17
|
| Stock symbol: | Nasdaq: CYRN
|
| Stock price: | $1.80 at close Aug. 11
|
| Market capitalization: | $53.11 million
|
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