Asure set for worst day in over 3 years on stock offering price

Asure Software

17/08/2023 17:24

** Asure Software shares  ASUR.O  tumble 15% to $11.76, set
for worst day in over three years after announcing pricing of
public offering
    ** Stock among bottom performers across all U.S. indexes
    ** ASUR issues over 3 mln shares, pricing them at $12/shr
    ** Co grants underwriters a 30-day over-allotment option to
purchase up to an additional 500,000 shares
    ** Price of newly issued shares is at a 13% discount to
stock's last close of $13.85
    ** Offering expected to close on Aug. 21
    ** ASUR expects gross proceeds to amount to $40 mln and is
to be used for general corporate purposes 
    ** Co reported a better-than-expected FY23 revenue outlook
earlier this month 
    ** Stock has risen 26% YTD 

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))