Benzinga | Apr 27, 2021 09:20AM EDT

RealNetworks Stock Falls On Raising $22.3M Via Secondary Equity Offering At 21% Discount

* RealNetworks Inc (NASDAQ: RNWK) has priced 8.25 million shares at $2.7 per share to raise $22.3 million in a secondary public offering.

* The offer price signifies a 20.8% discount to the Monday closing price of $3.41.

* The underwriter has a 30-day option to purchase additional shares up to 1.2 million.

* RealNetworks will utilize the offering proceeds for working capital and general corporate purposes.

* Lake Street Capital Markets is the sole book-running manager for the offering.

* RealNetworks held $23.9 million in cash and equivalents as of Dec. 31, 2020.

* Price action: RNWK shares traded lower by 19.4% at $2.75 in the premarket session on the last check Tuesday.