Code Rebel (CDRB) IPO Surges 200% on Light Volume

Today's IPO for Code Rebel (NASDAQ: CDRB) is surging higher in its debut on light volume. The stock last traded at $14.99, or nearly 200% above the $5 pricing.

A total of 1,000,983 shares of common stock were sold by Code Rebel at an initial public offering price of $5 per share, raising $5,004,915 in gross proceeds. Code Rebel intends to use the net proceeds of this offering primarily to expand and increase its marketing efforts to promote the sale of its iRAPP® products to both enterprise and consumer users, hire additional technical and marketing personnel and build its infrastructure, and engage in collaborative development efforts to expand its terminal services offerings to both PC and Mac enterprise and retail customers.

Burnham Securities Inc. acted as sole underwriter and bookrunner for the offering, which was conducted on a "best efforts" basis.

Code Rebel is an enterprise software company that develops, licenses and supports computer software designed for employee productivity and enterprise security across multiple platforms. The proprietary Code Rebel iRAPP software seeks to address the growing requirement of corporate IT departments to provide secure employee access from all their devices to all their devices and to other corporate resources. Code Rebel was co-founded by its computer engineering team to address the demand in the marketplace for secure interoperability between mobile, desktop and server environments with seamless interaction between Apple and Microsoft devices and software. The company supports its enterprise licensees from diverse industries, including banking, healthcare, retail, pharmaceutical, education and telecommunications.

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