Israeli tech company AudioCodes Ltd. (Nasdaq: AUDC; TASE: AUDC) has raised at least $91 million in a secondary offering on Wall Street. The amount raised could rise to $105 million if the underwriters exercise their options to buy additional shares.
AudioCodes has issued 2.6 million new shares, representing 9% of the company's equity after the offering. The underwriters - Bank of America, Citigroup, Barclays, Jefferies and Needham - have an option to buy 390,000 shares over the next 30 days. The offering was set at $35 per share.
Prior to the offering AudioCodes' shares had soared to a 20-year high of $38.70 per share but fell 14.8% in trading on Nasdaq over Thursday and Friday. The share price is currently $32.97, giving a market cap of $1.037 billion.
AudioCodes, which provides voice networking and media processing solutions for the digital workplace, is led by founder and CEO Shabtai Adlersberg. AudioCodes has a collaborative agreement with Microsoft and recently signed a cooperation agreement with Google.
Published by Globes, Israel business news - en.globes.co.il - on June 7, 2020
© Copyright of Globes Publisher Itonut (1983) Ltd. 2020