Israeli tech company AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) has filed to raise $100 million in a secondary offering on Wall Street.
AudioCodes, which provides voice networking and media processing solutions for the digital workplace, hopes to take advantage of its recent positive momentum, which has seen its share price at a 20-year high. The share prices has risen 49% this year after rising 160% last year but fell 0.76% on Nasdaq yesterday to $37.81, giving a market cap of $1.104 billion.
The company, founded by CEO Shabtai Adlersberg, has also been boosted by the Covid-19 crisis and the shift to remote working. AudioCodes has a collaborative agreement with Microsoft and recently signed a cooperation agreement with Google.
AudioCodes plans to issue 2,600,000 ordinary shares and will grant the underwriters a 30-day option to purchase up to an additional 390,000 ordinary shares. The company says it will use the proceeds from the offering for general corporate purposes, including, among other things, working capital requirements and possible future acquisitions.
BofA Securities, Inc. and Citigroup are acting as lead bookrunners and representatives of the underwriters for the offering. Barclays Capital Inc. and Jefferies LLC are also acting as bookrunners and Needham & Company, LLC is acting as co-manager in the offering.
Published by Globes, Israel business news - en.globes.co.il - on June 3, 2020
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