Top Image Systems, Ltd. Prices $13.1 Million Public Offering of Ordinary Shares
Friday 31 January 2014
Top Image Systems, Ltd. (Nasdaq:TISA) (TASE:TISA-L), a leading provider of enterprise content management software and mobile imaging technology, priced an underwritten public offering of 2,750,000 ordinary shares at $4.75 per share for gross proceeds of $13.1 million. Top Image Systems has also granted the underwriters a 30-day option to purchase up to an additional 412,500 ordinary shares to cover over-allotments, if any. The offering is expected to close on February 5, 2014, subject to satisfaction of customary closing conditions.
Top Image Systems expects to receive net proceeds of approximately $11.9 million from the sale of ordinary shares, after deducting the underwriters' discounts and other estimated offering expenses. The company intends to use the net proceeds from the offering for general corporate purposes, including potential acquisitions.
Canaccord Genuity Inc. is acting as the sole book-running manager for the offering, and Roth Capital Partners and The Benchmark Company, LLC are acting as co-managers.
The offering is being made pursuant to effective shelf registration statements on Form F-3 previously filed with the Securities and Exchange Commission (SEC). A final prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC. Any offer will be made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statements. Before investing, you should read the prospectus supplement and the accompanying prospectus, and other documents that Top Image Systems has filed or will file with the SEC, for information about Top Image Systems and this offering.
When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by sending a request to the offices of Canaccord Genuity Inc., Attn: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, or by calling (617) 371-3900. The final prospectus supplement and accompanying prospectus also will be available on the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
