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Sonic Foundry (SOFO) Prices 1.7M Share Offering at $2.55/sh

April 14, 2022 5:36 AM EDT

Sonic Foundry Inc. (Nasdaq: SOFO), the trusted leader in video capture, management and streaming solutions as well as virtual and hybrid events, today announced the pricing of its previously announced underwritten public offering of 1,700,000 shares of its common stock at a public offering price of $2.55 per share. The gross proceeds from the public offering will be approximately $4.3 million, before deducting underwriting discounts and commissions and estimated offering expenses.

Maxim Group LLC is acting as the sole book-running manager for the public offering.

Sonic Foundry has granted the underwriter a 45-day option to purchase up to an additional 255,000 shares of common stock at the public offering price, less underwriting discounts and commissions. The public offering is expected to close on or about Tuesday, April 19, 2022, subject to customary closing conditions.

The public offering is being made pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on February 17, 2022 and declared effective on March 1, 2022. A preliminary prospectus supplement describing the terms of the public offering has been filed with the SEC. A final prospectus supplement will be filed with the SEC and will form a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained, when available, by contacting Maxim Group LLC, 300 Park Avenue, New York, NY 10022, or by telephone at (212) 895-3745.

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 any such state or jurisdiction.



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