Compuware Announces Confidential Submission of Draft Registration Statement for IPO of Covisint
Compuware Corporation (Nasdaq: CPWR) today announced that Covisint Corporation, currently a wholly owned subsidiary of Compuware, submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission for a possible initial public offering of its Class A common stock ("Proposed IPO").
The Proposed IPO is intended, among other things, to give Covisint greater flexibility to pursue strategic opportunities and to increase the company's visibility in the marketplace. The Proposed IPO is expected to commence within three to six months as market conditions permit and subject to the SEC's review process.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933. As required by Rule 135, this press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
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