Benzinga | Sep 21, 2020 07:04AM EDT

Crexendo Announces Launch Of Public Offering Of 3.5M Shares

PHOENIX, AZ / ACCESSWIRE / September 21, 2020 / Crexendo, Inc. (NASDAQ:CXDO) ("Crexendo" or the "Company"), an award-winning premier provider of cloud communications, UCaas (Unified Communications as a Service), call center, collaboration services and other cloud based services, today announced it has launched a registered underwritten public offering of 3,500,000 shares of its common stock pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission ("SEC"). The offering is expected to include 1,750,000 shares to be issued and sold by Crexendo and 1,750,000 shares to be sold by certain stockholders. In addition, Crexendo intends to grant the underwriters a 30-day option to purchase up to 525,000 additional shares of common stock from the Company.

The Company plans to use the net proceeds from this offering for general corporate purposes, including working capital, sales and marketing activities, product development, general and administrative matters, and capital expenditures. The Company will not receive any net proceeds from the sale of common stock by the selling stockholders.

B. Riley Securities, Inc. and Colliers Securities LLC are acting as joint book-running managers for the offering. This offering will be made only by means of a prospectus. Copies of the preliminary prospectus and the final prospectus, once available, may be obtained from: B. Riley Securities, Inc., 1300 North 17th Street, Suite 1400, Arlington, VA 22209 Attention: Prospectus Department or Colliers Securities LLC, 90 South Seventh Street, Suite 4300, Minneapolis, MN 55402 Attention: Prospectus Department.

A registration statement relating to these securities has been filed with the SEC on Form S-1 (File No. 333-248767), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.