Sonic Foundry Announces Pricing of $4.3 Million Public Offering
Sonic Foundry (Nasdaq: SOFO) announced a public offering of 1,700,000 shares of common stock priced at $2.55 per share, aiming for gross proceeds of approximately $4.3 million. The offering, led by Maxim Group LLC as the book-running manager, includes a 45-day option for the underwriter to purchase an additional 255,000 shares. The offering is underpinned by an effective shelf registration statement filed with the SEC on February 17, 2022. Closing is anticipated on April 19, 2022, subject to customary conditions.
- Gross proceeds of approximately $4.3 million from the public offering.
- Potential for underwriter to purchase an additional 255,000 shares, providing further capital.
- Shareholder dilution due to the new issuance of shares.
- Market uncertainty related to the public offering's impact on stock performance.
MADISON, Wis., April 13, 2022 (GLOBE NEWSWIRE) -- Sonic Foundry Inc. (Nasdaq: SOFO), the trusted leader in video capture, management and streaming solutions as well as virtual and hybrid events, today announced the pricing of its previously announced underwritten public offering of 1,700,000 shares of its common stock at a public offering price of
Maxim Group LLC is acting as the sole book-running manager for the public offering.
Sonic Foundry has granted the underwriter a 45-day option to purchase up to an additional 255,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The public offering is expected to close on or about Tuesday, April 19, 2022, subject to customary closing conditions.
The public offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on February 17, 2022 and declared effective on March 1, 2022. A preliminary prospectus supplement describing the terms of the public offering has been filed with the SEC. A final prospectus supplement will be filed with the SEC and will form a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained, when available, by contacting Maxim Group LLC, 300 Park Avenue, New York, NY 10022, or by telephone at (212) 895-3745.
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 the registration or qualification under the securities laws of any such state or jurisdiction.
About Sonic Foundry®, Inc.
Sonic Foundry (NASDAQ: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by thousands of educational institutions, corporations, health organizations and government entities in over 65 countries, Sonic Foundry’s solutions include Mediasite®, Mediasite Connect, Vidable™ and Global Learning Exchange™.
Learn more at www.sonicfoundry.com.
© 2022 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements about the products and services of Sonic Foundry within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements include statements about our products and services, our customer base, strategic investments, new partnerships, our future operating results and any statements we make about the company’s future. These types of statements address matters that are subject to many risks and uncertainties. Actual results could differ materially from the forward-looking guidance we provide. Any forward-looking statements should be considered in context of the risk factors disclosed in our periodic forms 10Q, 10K and other filings with the SEC. These filings can be accessed on-line at www.sec.gov and other websites or can be obtained from the company’s investor relations department. All of the information and disclosures we make in this news release regarding our business, including any forward-looking guidance, are as of the date given and we assume no obligation to update or change this information, regardless of subsequent events.
FAQ
What is the stock offering price for Sonic Foundry (SOFO)?
How many shares is Sonic Foundry offering?
What will the proceeds from Sonic Foundry's public offering be used for?
When is the expected closing date for Sonic Foundry's public offering?
Who is managing Sonic Foundry's public offering?
