Cyren Announces Closing of $13.8 Million Registered Direct Offering
Rhea-AI Summary
Cyren Ltd. (NASDAQ:CYRN) has successfully completed a registered direct offering of 12 million ordinary shares at a price of $1.15 per share, raising approximately $12.5 million after expenses. The offering was facilitated by H.C. Wainwright & Co. The funds raised will be used for working capital and general corporate purposes. The shares were offered under a previously declared shelf registration statement with the SEC. The press release includes forward-looking statements regarding the intended use of proceeds and associated risks.
Positive
- Raised approximately $12.5 million for working capital and corporate purposes.
Negative
- Potential dilution of shares due to new offering.
News Market Reaction
On the day this news was published, CYRN gained 8.06%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
MCLEAN, VA / ACCESSWIRE / February 16, 2021 / Cyren Ltd. (NASDAQ:CYRN), a provider of email security and threat intelligence solutions, today announced the completion of its previously announced registered direct offering of 12,000,000 of its ordinary shares at a purchase price of
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.
The shares of common stock were offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-233316) previously filed with the Securities and Exchange Commission (the "SEC") and declared effective by the SEC on August 20, 2019. A final prospectus supplement and accompanying prospectus relating to the shares of common stock has been filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.
About Cyren:
More than 1.3 billion users around the world rely on Cyren's cloud security solutions to protect them against cyber-attacks every day. Powered by the world's largest security cloud, Cyren (NASDAQ: CYRN) delivers fast time-to-protection with embedded threat detection, threat intelligence and email security solutions. Learn more at www.cyren.com.
Forward-Looking Statements:
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Cyren's control, and cannot be predicted or quantified, and include, among others, statements regarding the intended use of proceeds, as well as various additional risks, many of which are now unknown and generally out of Cyren's control, and which are detailed from time to time in reports filed by Cyren with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Cyren does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
Blog: http://blog.cyren.com
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc
Company Contact
Kenneth Tarpey, CFO
Cyren
+1.703.760.3320
kenneth.tarpey@cyren.com
SOURCE: Cyren Ltd
View source version on accesswire.com:
https://www.accesswire.com/630014/Cyren-Announces-Closing-of-138-Million-Registered-Direct-Offering
FAQ
What is the value of the registered direct offering by Cyren (CYRN)?
Who acted as the placement agent for Cyren's stock offering?
How will Cyren (CYRN) use the proceeds from the offering?
What risks are associated with the new share offering by Cyren (CYRN)?
