Home Equities Score Synchronoss Technologies Inc. (SNCR) stock declined during premarket trading session. Here’s to...

Synchronoss Technologies Inc. (SNCR) stock declined during premarket trading session. Here’s to know why?

Synchronoss Technologies Inc. (NASDAQ: SNCR) stock gained by 9.75% at the last close whereas the SNCR stock price plunged by 5.84% in the premarket trading session. Synchronoss Technologies creates software that allows businesses all over the world to communicate with their customers in a secure and meaningful way. The SNCR product suite helps to streamline networks, simplify onboarding, and engage subscribers, resulting in additional income streams, lower expenses, and faster time to market.

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What is happening?

Synchronoss Technologies stated that it plans to offer and sell $100 million in shares of its common stock in an underwritten public offering, based on market and other circumstances. Synchronoss also plans to give the underwriters a 30-day opportunity to buy up to an additional $10 million of common stock sold in the offering at the public offering price, minus underwriting discounts and fees. There is no guarantee that the offering will be completed, or that the size or terms of the offering will be met.


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Synchronoss will sell all of the shares in the offering, with the gross revenues from the offering, as well as the sale of Senior Notes and Series B Preferred Stock, anticipated to be used to completely repay all outstanding shares of Synchronoss’ Series A Convertible Participating Perpetual Preferred Stock and payback amounts owed under Synchronoss’ revolving credit facility.

Furthermore,

R Riley Securities is the only book-running manager and primary underwriter for the transaction. The transaction is being co-managed by Northland Capital Markets.

Synchronoss Technologies is also selling $120 million in aggregate principal amount of senior notes due 2026 through a separate prospectus supplement in conjunction with the offering. In addition, B. Riley Principal Investments, LLC, a BRS subsidiary, has signed a deal under which BRPI would buy $75.0 million of Synchronoss Technologies’ Series B Preferred Stock in a private transaction that will take place simultaneously with the offering’s closure.

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