Telos Shares Are Trading Lower On Raising $41M Via Secondary Shares At 13% Discount

April 1, 2021 8:40 AM | 1 min read | Make a Comment

Cyber, cloud, and enterprise security solutions provider Telos Corp TLS priced 7.91 million shares at $33 per share in a follow-on secondary public offering. The offering includes 6.66 million shares from selling shareholders.
The offer price signifies a 13% discount to the company’s Wednesday closing price of $37.92.
Telos will raise gross proceeds of $41 million roughly.
B. Riley Securities, BMO Capital Markets, and Needham & Company are the joint bookrunners for the offering.
The underwriters have a 30-day option to purchase additional shares up to 1.2 million, including 0.4 million shares of the selling stockholders.
Telos held cash and cash equivalents of $106 million as of Dec. 31, 2020.
Price action: TLS shares traded lower by 10.6% at $33.9 in the premarket session on the last check Thursday.