TSS completes $58.7 million stock offering with overallotment

TSS, Inc. (NASDAQ: TSSI) closed its public offering of 3.45 million common shares at $17.00 per share, raising approximately $58.7 million in gross proceeds before fees and expenses.

The data center services company sold 3 million shares in the base offering and an additional 450,000 shares after underwriters fully exercised their overallotment option. Lucid Capital Markets served as the sole book-running manager for the offering, which closed August 14.

TSS plans to use net proceeds for general corporate purposes, including working capital and growth capital. The company provides AI and high-performance computing infrastructure and software integration services.

"This offering provides TSS the flexibility to continue to invest in our infrastructure and processes to be the best AI IT integration supplier in the market," CEO Darryll Dewan said in a statement. He added the company is exploring opportunities to expand capabilities and go-to-market approaches.

The offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission in January and declared effective in July. All shares were sold by the company rather than existing shareholders.

TSS specializes in integrating and deploying high-performance computing infrastructure and software for data centers, focusing on generative AI and other technologies. The company describes itself as managing and deploying billions of dollars in technology annually as a partner to data center technology providers.

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