Sonic Foundry hits 16-month low on discounted stock offering

Sonic Foundry

14/04/2022 10:18

** Shares of communication software solutions provider
 SOFO.O  slump 12.6% to $2.57 premarket, their lowest level
since Dec 16, 2020
    ** SOFO prices its underwritten public offering of 1.7 mln
shares at $2.55 apiece for gross proceeds of ~$4.3 mln
 urn:newsml:reuters.com:*:nGNX3qypXw
    ** Offering is priced at a discount of ~13.26% to stock's
last close
    ** Maxim Group LLC is acting as the sole book-running
manager for the public offering, which is expected to close by
April 19
    ** Co has ~9.1 mln shares outstanding worth ~$26.74 mln,
according to Refinitiv data
    ** As of last close, stock down 2% YTD

 (Reporting by Devik Jain in Bengaluru)
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outside U.S. +91 80 6182 2062; ;))