Israeli advertising technology company Perion Network Ltd. (Nasdaq:PERI: TASE:PERI) has priced its follow-on offering of 4,990,000 of ordinary shares at $11.50 per share, for gross proceeds of $57.4 million, a 17.6% discount on the share's closing price yesterday.
The offering could grow by $8.6 million because the underwriters Oppenheimer & Co., Stifel, Nicolaus & Company, Roth Capital Partners and Lake Street Capital Markets have an option to buy 748,500 more shares, which can be exercised within 30 days.
The new shares (before the underwriters exercise their option) will represent 15.7% of the company's equity after the offering.
Perion, which offers data driven ad tech solutions for brands and publishers, plans using the net proceeds from the offering as additional working capital for funding the growth of its business, including for potential acquisitions.
Ahead of the offering Perion published preliminary results for 2020. Revenue was $320-325 million, above the range of guidance of $310-315 million and 24% up from 2019. EBITDA for 2020 was $32 to $32.5 million, and non-GAAP earnings per share was $0.80-0.82 - both similar to 2019.
Perion's share price is currently down 7.74% on Nasdaq at $12.88, giving a market cap of $378.2 million. Perion's CEO is Doron Gerstel.
Published by Globes, Israel business news - en.globes.co.il - on January 20, 2021
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