MCLEAN, Va., July 30, 2014 /PRNewswire/ -- CYREN (NASDAQ:
CYRN) announced today the closing of a registered direct offering
of 4,771,796 shares and warrants to purchase 1,670,128 ordinary
shares with certain institutional investors in combinations
consisting of one ordinary share and one warrant to purchase 0.35
of an ordinary share at an offering price per fixed combination of
$2.41. Each warrant has an
exercise price of $3.08 per share and
is exercisable following the six-month anniversary of the date of
its issuance. CYREN will receive gross proceeds of
$11.5 million before deducting
placement agent fees and offering expenses (but excluding any
proceeds to be received upon exercise of the warrants).
CYREN intends to use the proceeds of the offering for general
corporate purposes, including research and development, sales force
expansion and working capital.
William Blair & Company,
L.L.C. acted as the exclusive placement agent for the offering. The
shares and warrants were offered pursuant to a shelf registration
statement (including a base prospectus) filed with the Securities
and Exchange Commission that became effective on July 3, 2014, together with an accompanying
prospectus supplement. Before you invest, you should read the base
prospectus in that shelf registration statement and the
accompanying prospectus supplement. A copy of the prospectus
supplement related to this offering may be obtained by contacting:
William Blair & Company, L.L.C.,
Attention: Prospectus Department, by telephone at (800) 621-0687,
or by email at prospectus@williamblair.com. The documents may also
be obtained for free from the SEC's EDGAR database available online
at www.sec.gov.
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 jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or
jurisdiction.
This press release contains forward-looking statements,
including projections about our business, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. For example, statements in the
future tense, and statements including words such as "expect,"
"plan," "estimate," "anticipate," or "believe" are forward-looking
statements. These statements are based on information available to
us at the time of the press release; we assume no obligation to
update any of them. The statements in this press release are not
guarantees of future performance and actual results could differ
materially from our current expectations as a result of numerous
factors, including business conditions and growth or deterioration
in the internet security market, technological developments,
products offered by competitors, availability of qualified staff,
and technological difficulties and resource constraints encountered
in developing new products, as well as those risks described in the
company's Annual Reports on Form 20-F and reports on Form 6-K,
which are available through www.sec.gov.
U.S. Investor Contact:
Monica Gould
The Blueshirt Group
+1 212 871
3927
monica@blueshirtgroup.com
Israel Investor Relations Contact:
Iris Lubitch
EffectiveIR
+972.54.2528007
iris@fincom.co.il
CYREN Company
Contact:
Mike Myshrall, Interim
CFO
CYREN
+1 703 760 3320
mike.myshrall@CYREN.com
CYREN Media Contact:
Matthew Zintel
Zintel Public Relations
+1 281 444 1590
matthew.zintel@zintelpr.com
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SOURCE CYREN