SYNCHRONOSS ANNOUNCES PROPOSED US$100 MILLION PUBLIC OFFERING OF COMMON STOCK

KUALA LUMPUR, June 25 (Bernama) -- Synchronoss Technologies Inc (Synchronoss), a global leader and innovator in cloud, messaging and digital products and platforms, announced that the Company intends to offer and sell, subject to market and other conditions, US$100 million of shares of its common stock in an underwritten public offering. (US$1 = RM4.155)

Synchronoss also expects to grant underwriters a 30-day option to purchase up to an additional US$10 million in shares of common stock sold in the offering, at the public offering price, less the underwriting discounts and commissions.

There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, according to a statement.

All shares in the offering are to be sold by Synchronoss, with net proceeds of the offering, and from the offering of Senior Notes and sale of Series B Preferred Stock, expected to be used to fully redeem all outstanding shares of Synchronoss’ Series A Convertible Participating Perpetual Preferred Stock and repay amounts outstanding under Synchronoss’ revolving credit facility.

B. Riley Securities Inc (BRS) is acting as the lead underwriter and sole book-running manager for the offering. Northland Capital Markets is acting as co-manager for the offering.

Concurrently with the offering, the Company is offering, by means of a separate prospectus supplement, US$120 million aggregate principal amount of senior notes due 2026 (the Senior Notes).

In addition, B. Riley Principal Investments LLC (BRPI), an affiliate of BRS, has entered into an agreement pursuant to which BRPI has agreed to purchase US$75.0 million of the Company’s Series B Preferred Stock in a private transaction to be completed concurrently with the closing of the offering.

The shares of common stock described above are being offered by Synchronoss pursuant to a shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on Aug 28, 2020.

A preliminary prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s web site, while the final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

-- BERNAMA