Digimarc Corporation (DMRC) Prices 1.23M Common Stock Offering at $30/Share

August 5, 2016 8:46 AM EDT

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Digimarc Corporation (Nasdaq: DMRC) announced the pricing of an underwritten public offering of 1,233,333 shares of its common stock at a public offering price per share of $30.00. Digimarc Corporation has also granted the underwriters a 30-day option to acquire up to an additional 185,000 shares on the same terms and conditions to cover overallotments resulting from the offering. Digimarc Corporation expects to receive net proceeds of approximately $34,572,500, after the underwriting discount and estimated offering expenses, but excluding any exercise of the underwriter's overallotment option. The offering is expected to close on August 10, 2016, subject to customary closing conditions.

Needham & Company and Cowen and Company are acting as joint book-running managers for the offering. Craig-Hallum Capital Group and B. Riley & Co. are acting as co-managers of the offering.

Digimarc Corporation intends to use the net proceeds from the offering for general working capital purposes as well as to accelerate the Company's growth initiatives. These growth initiatives include increasing sales, marketing and operations resources for global expansion; supporting a growing supplier network, and feasibility and pilot projects with prospective customers; continuing development of tools and processes to support efficient, effective and timely implementation of its technology; and further research and intellectual property development.

The shares described above will be issued pursuant to a prospectus supplement filed as part of a shelf registration statement on Form S-3, which was previously filed with and declared effective by the Securities and Exchange Commission (the "SEC"). The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: Needham & Company, LLC, 445 Park Avenue, New York, NY 10022, (800) 903-3268 or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department or by calling 631-274-2806. The registration statement, the accompanying prospectus, the preliminary prospectus supplement and the final prospectus supplement (when filed) will also be available on the SEC's website at www.sec.gov.

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