Bookrunner Craig-Hallum Capital helps fund general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 17 – Cyren Ltd. said the underwriters for its public offering of stock opted to exercise the deal’s $1.65 million greenshoe in full, lifting total proceeds of the offering to $12.65 million. The deal was announced Aug. 6 and priced for $11 million with the greenshoe on Aug. 12.
The company sold 7,666,665 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. Of the shares, 999,999 were part of the fully exercised greenshoe.
Craig-Hallum Capital Group LLC was the bookrunner.
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, including $1.65 million greenshoe of 999,999 shares
|
| Shares: | 7,666,665
|
| 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: | $52.48 million
|
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