Thryv tumbles after deep-discounted acquisition-related equity offering

Thryv Holdings

30/10/2024 12:11

** Shares of Thryv Holdings  THRY.O  tumble 16.8% premarket to
$15.25 after small business software provider's
acquisition-related stock offering priced
    ** THRY could open at lowest level since Jan 2021, if losses
hold
** Co late Tues sold ~5.7 mln shares at $14 for ~$80 mln gross
proceeds to partially fund purchase price for announced buy of
Infusion Software (Keap)
    ** Offering price represents 23.7% discount to stock's last
sale
** After the bell Tues, co said acquisition of Keap, a customer
relationship management, marketing automation, and sales
optimization solutions provider, valued at $80 mln and expected
to close by end of 2024
** Also, Thryv late Tues said expects Q3 rev of $178-$182 mln
compared to LSEG estimate of $178.8 mln
    ** Co has ~36.3 mln shares outstanding for ~$666 mln market
cap
    ** Shares, which had gained prior four sessions, shed 10%
YTD through Tues
    ** RBC acting as sole bookrunner for stock offering

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))