Business
Crexendo Announces Pricing of Public Offering of Common Stock
PHOENIX, AZ / ACCESSWIRE / September 24, 2020 / Crexendo, Inc. (NASDAQ:CXDO) ("Crexendo" or the "Company"), an award-winning premier provider of cloud
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / September 24, 2020 / Crexendo, Inc. (NASDAQ:CXDO) (\"Crexendo\" or the \"Company\"), an award-winning premier provider of cloud communications, UCaas (Unified Communications as a Service), call center, collaboration services and other cloud based services, today announced the pricing of its registered underwritten public offering of 2,800,000 shares of its common stock, including 1,050,000 shares to be sold by certain stockholders, at a public offering price of $5.50 per share. Crexendo also granted the underwriters a 30-day option to purchase up to 420,000 additional shares of common stock from the Company at the public offering price, less the underwriting discount, to cover over-allotments, if any. The offering is expected to close on or about September 28, 2020, subject to the satisfaction of customary closing conditions.Total gross proceeds from the offering to the Company, before deducting the underwriting discount and other estimated offering expenses payable by Crexendo, are expected to be approximately $9.6 million, or approximately $11.9 million if the underwriters exercise their over-allotment option in full. The Company plans to use the net proceeds from this offering for general corporate purposes, including working capital, sales and marketing activities, product development, general and administrative matters, and capital expenditures. The Company will not receive any net proceeds from the sale of common stock by the selling stockholders.B. Riley Securities, Inc. and Colliers Securities LLC are acting as joint book-running managers for the offering. This offering will be made only by means of a prospectus. Copies of the preliminary prospectus and final prospectus, once available, may be obtained from: B. Riley Securities, Inc., 1300 North 17th Street, Suite 1400, Arlington, VA 22209 Attention: Prospectus Department or Colliers Securities LLC, 90 South Seventh Street, Suite 4300, Minneapolis, MN 55402 Attention: Prospectus Department.The offering is being made pursuant to a registration statement filed with the Securities and Exchange Commission on Form S-1 (File No. 333-248767) that was declared effective on September 23, 2020. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any offer or sale of these securities in any stat...