Virtusa Files For $100M Share Offering

Virtusa Corporation (NASDAQ: VRTU), a global IT services company that offers abroad range of information technology services, including IT consulting,technology implementation, and application outsourcing services, todayannounced that it has filed a shelf registration statement for shares of itscommon stock on Form S-3 with the Securities and Exchange Commission (SEC).Under the shelf registration statement, upon being declared effective by theSEC, the Company may offer and sell, from time to time, up to $100 million ofshares of common stock in one or more future public offerings. In addition,selling stockholders to be named in a prospectus supplement may, from time totime in one or more offerings, offer and sell up to 500,000 shares of Virtusacommon stock. The Company will not receive any proceeds from the sale ofcommon stock by selling stockholders.The shelf registration statement is intended to give Virtusa additionalflexibility to access the capital markets in the future to take advantage ofgrowth opportunities and continue to invest in support of its business, and toprovide the selling stockholders additional financial liquidity. The terms ofany future offering under the registration statement, and the intended use ofthe net proceeds resulting therefrom, will be established at the time of anysuch offering and will be described in a prospectus supplement filed with theSEC in connection with the offering.The shelf registration statement has been filed with the SEC but has not yetbecome effective. The shares of common stock which may be offered by Virtusaunder the shelf registration statement may not be sold, nor may offers to buybe accepted, before the time the shelf registration statement becomeseffective.