Benzinga | Jan 27, 2021 07:02AM EST

Qumu Prices Public Offering of 3.225M Shares At $6.75/Share

Qumu Corporation (NASDAQ:QUMU), a leading provider of cloud-based enterprise video technology for organizations of all sizes, announced today the pricing of its previously announced underwritten registered public offering of 3,225,000 shares of its common stock at a price to the public of $6.75 per share. In addition, Qumu granted the underwriter a 30-day option to purchase at the public offering price up to 483,750 additional shares of common stock to cover over-allotments, if any. The gross proceeds to Qumu from this offering are expected to be approximately $21.8 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Qumu, but excluding any exercise of the underwriter's option to purchase additional shares of common stock. The offering is expected to close on or about January 29, 2021, subject to the satisfaction of customary closing conditions.

Craig-Hallum Capital Group is acting as the sole managing underwriter for the offering.

The securities described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-233470) that was declared effective by the U.S. Securities and Exchange Commission, or the SEC, on September 5, 2019. A registration statement on Form S-3 also relating to the public offering of the shares of common stock described above was filed with the SEC on January 25, 2021 pursuant to Rule 462(b) and is effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the proposed offering were filed with the SEC on January 25, 2021. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and, when available, may be obtained by visiting the SEC's website at www.sec.gov or by contacting Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at 612-334-6300 or by email at prospectus@chlm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other 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 other jurisdiction.