EverCommerce bounces after co withdraws stock offering

EverCommerce

18/11/2021 13:47

** EverCommerce Inc  EVCM.O  shares up 8% at $18.69
premarket after co scraps follow-on
    ** Software firm withdraws previously announced offering
saying Wednesday’s market conditions not in the best interest of
the co and its shareholders to raise equity capital  urn:newsml:reuters.com:*:nGNXLF60g
    ** Co says plans to continue to pursue upsize of term loan
and will use those proceeds to repay ~$190 mln outstanding under
credit facility
    ** EVCM launched 11 mln share offering after the bell on Mon
    ** Its stock has lost 14.5% this week, and traded to as low
as $15.88 on Weds
    ** EVCM went public in Jul after 19 mln share IPO priced at
$17

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))