Crexendo sinks further after pricing stock offering

Crexendo

24/09/2020 13:57

** Crexendo Inc  CXDO.O  shares down >14% premarket after co
prices stock offering
    ** Cloud-based service provider prices 2.8 mln shares at
$5.50; co offers 1.75 mln shares, certain existing holders sell
1.05 mln shares  urn:newsml:reuters.com:*:nACSSlByba
    ** Offering gets done at ~11% discount to last close; stock
has fallen 18% this week since co launched 3.5 mln share deal
Mon before the bell
    ** CXDO intends to use net offering proceeds for general
corp purposes, including product development, among other uses
    ** Co has 15.2 mln shares outstanding and 3.7 mln shares of
free float, per Refinitiv data
    ** YTD, shares up 46%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))