Perion Network drops on $157 mln equity raise

Perion Network

09/12/2021 14:28

** U.S.-listed shares of Perion Network  PERI.O  down ~8% at
$22.37 premarket as co raises equity
    ** Israeli advertising tech co sells ~7.28 mln at $21.50,
raises $156.5 mln  urn:newsml:reuters.com:*:nBw94gfDma
    ** Offering size boosted from $100 mln, prices at 12%
discount to stock's last close
    ** Co says to use net offering proceeds to fund growth, and
potential M&A opportunities
    ** PERI has ~35 mln shares outstanding for ~$855 mln market
cap, per Refinitiv, and ~31.3 mln of public float
    ** Oppenheimer, Stifel and Raymond James jt bookrunners for
offering
    ** YTD, shares up 92% through Weds close. Stock off 26% from
2021 peak hit last month

 (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))