Bridgeline Digital, Inc. (NASDAQ: BLIN), The Digital Engagement
Company™ that helps customers maximize the performance of their
full digital experience from websites and intranets to online
stores, today announced the pricing of an underwritten public
offering of 10,000,000 shares of its common stock (or common stock
equivalents) and common stock warrants to purchase up to an
aggregate of 10,000,000 shares of common stock. Each share of
common stock (or common stock equivalent) is being sold together
with a common stock warrant to purchase one share of common stock
at a combined effective price to the public of $0.50 per share and
accompanying common stock warrant. The warrants will have an
exercise price of $0.50 per share, will be exercisable upon
issuance and will expire five years from the date of
issuance. The shares of common stock (or common stock
equivalents) and the accompanying common stock warrants can only be
purchased together in this offering, but will be issued separately.
The Company has granted the underwriters a
45-day option to purchase 1,500,000 additional shares of common
stock and/or additional common stock warrants to purchase up to an
aggregate of 1,500,000 shares of common stock.
The aggregate gross proceeds to the Company are
expected to be approximately $5.0 million, excluding the proceeds,
if any, from the exercise of the warrants. The Company
expects to use the net proceeds from this offering to repay certain
term notes, fund the estimated offering expenses and for general
corporate purposes including, but not limited to, research and
development, capital expenditures, repayment of indebtedness, and
additions to working capital. We may also use a portion of the net
proceeds from this offering to pursue potential strategic
acquisitions, although we do not have any specific plans or
arrangements to do so at this time.
The offering is expected to close on October 19,
2018, subject to customary closing conditions.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as sole book-running manager for the
offering.
A registration statement on Form S-1 (File No.
333-227430) relating to these securities has been filed with the
Securities and Exchange Commission (the “SEC”) and was declared
effective on October 16, 2018. This registration statement includes
a preliminary prospectus relating to the offering. A final
prospectus will be filed with the SEC. The offering is being made
only by means of a prospectus. Copies of the prospectus relating to
the offering may be obtained, when available, by contacting
ThinkEquity, 17 State Street, 22nd Floor, New York, NY 10004,
telephone (646) 968-9355, email: prospectus@think-equity.com.
Investors may also obtain these documents at no cost by visiting
the SEC's website at http://www.sec.gov. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any of the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement
Company™, helps customers maximize the performance of their
complete digital experience – from websites and intranets to online
stores and campaigns. Bridgeline’s Unbound (formerly iAPPS®)
platform deeply integrates Web Content Management, eCommerce,
eMarketing, Social Media management, and Web Analytics to help
marketers deliver digital experiences that attract, engage,
nurture, and convert their customers across all channels.
Headquartered in Burlington, Mass., Bridgeline has thousands of
quality customers that range from small- and medium-sized
organizations to Fortune 1000 companies. To learn more, please
visit www.bridgeline.com or call (800) 603-9936.
Contact:Company
Contact Bridgeline
Digital,
Inc.: Carole
Tyner, Chief Financial
Officer (781)
497-3020 ctyner@bridgeline.com
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
All statements included in this press release,
other than statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
this offering including our intended use of proceeds from this
offering, our industry, management's beliefs, and certain
assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as
“anticipates,” “expects,” “intends,” “plans,” “predicts,”
“believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,”
“could,” “potential,” “continue,” “ongoing,” or similar
expressions, and variations or negatives of these words. These
forward-looking statements are not guarantees of future results and
are subject to risks, uncertainties and assumptions, including, but
not limited to, market conditions and the satisfaction of customary
closing conditions related to the proposed public offering,
including the underwriter’s exercise of their over-allotment option
to purchase additional securities, the impact of the weakness in
the U.S. and international economies on our business, our inability
to manage our future growth effectively or profitably, fluctuations
in our revenue and quarterly results, our license renewal rate, the
impact of competition and our ability to maintain margins or market
share, the limited market for our common stock, the volatility of
the market price of our common stock, the ability to maintain our
listing on the NASDAQ Capital market, the ability to raise capital,
the performance of our products, our ability to respond to rapidly
evolving technology and customer requirements, our ability to
protect our proprietary technology, the security of our software,
our dependence on our management team and key personnel, our
ability to hire and retain future key personnel, or our ability to
maintain an effective system of internal controls as well as other
risks described in our filings with the SEC, including in the
preliminary prospectus relating to this offering and the risk
factors incorporated by reference therein from our most recent
annual report on Form 10-K that was filed with the SEC, and our
other filings with the SEC, including subsequent periodic reports
on Forms 10-Q and 8-K. The information in this release is provided
only as of the date of this release, and Bridgeline Digital
undertakes no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
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