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The offer price signifies a 10.7% discount to Synchronoss’ Thursday closing share price of $2.91.
The underwriters have a 30-day option to purchase additional shares up to 3.8 million.
The share sale, senior notes, and Series B Preferred Stock offering proceeds will help redeem Series A Convertible Participating Perpetual Preferred Stock and repay the outstanding revolving credit facility.
Concurrently, the company is offering 0 million senior notes due 2026.
Additionally, B. Riley Securities, Inc affiliate has agreed to purchase $75 million Series B Preferred Stock in a private transaction.
The company beat Q1 revenue consensus by 3.23% despite posting a decline of 15.1% year-on-year to $65.5 million. It missed the Non-GAAP EPS loss consensus by 135.7% at $(0.33).
The company held $10 million in debt.
It recently announced that CFO David Clark would depart effective August 9 to pursue other personal and career interests. The company has initiated a search for a replacement.
The share prices have lost 38.1% year-to-date.
Price action: SNCR shares traded higher by 15.3% at $3.36 on the last check Friday.
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