Perion Network Drops 6% After Pricing Follow-on Offering Of Shares

(RTTNews) - Perion Network Ltd. (PERI) stock is down more than 6% Thursday morning after the advertising technology company announced pricing of the upsized offering of 7,280,080 shares at $21.50 per share. The company will receive gross proceeds of about $156.5 million.

The offering was upsized from $100 million announced earlier.

The company intends to use the gross proceeds from the offering, which is expected to close on December 13, 2021, as additional working capital, and to fund for the growth of the business.

PERI, currently at $22.95, has traded in the range of $10.42- $33.09 in the last one year.