Kubient, Inc. (NYSE: KBNT), shares moved -15.81 to $5.6 in the pre-market session, a provider of cloud-based software services for digital advertising downwards, announced today the pricing of its underwritten public Offering of 3,921,411 common shares at $5.10 per share. Net proceeds after underwriting discounts and estimated offering expenses payable by the company are estimated to be about $16.3 million.
The Offering is being managed by Maxim Group LLC and Joseph Gunnar & Co., LLC.
Kubient will use net proceeds from the Offering for product development, working capital, capital expenditures, repayment of the debt, and other general corporate purposes, such as investments in sales and marketing in the United States and abroad. A portion of the proceeds may also be used to acquire complementary companies, brands, or technologies.
A 45-day option has also been granted to the underwriters to purchase up to an additional 529,411 shares at the public offering price less discounts and commissions. Under customary closing conditions, the Offering should close on or about December 28, 2020.