Perion Network down after pricing stock deal

Perion Network

20/01/2021 17:05

**  U.S.-listed shares of Perion Network  PERI.O  down 6.4%
at $13.07 after co raises equity
    ** Israeli advertising tech co prices 4.99 mln shares at
$11.50, raises $57.4 mln  urn:newsml:reuters.com:*:nBw8pjsqVa
    ** Co to use net offering proceeds for working capital, fund
growth, including potential M&A opportunities
    ** Oppenheimer and Stifel jt bookrunners
    ** Perion has ~27 mln shares outstanding for ~$376 mln
market cap as of Tues close, per Refinitiv data, and ~21.7 mln
shares of free float
    ** With move on Weds, stock up ~3% to start the year. Shares
coming off 82% gain in Q4 2020 and their current 50-DMA price is
$10.71

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