MCLEAN, Va., Oct. 23, 2014 /PRNewswire/ -- WidePoint
Corporation (NYSE Mkt: WYY) a leading provider of Managed Mobility
Services (MMS) specializing in Cybersecurity and Telecommunications
Lifecycle Management (TLM) solutions, announced today the pricing
of an underwritten public offering of 6,896,552 shares of its
common stock at a purchase price of $1.45 per share. The gross proceeds to the
Company from this offering are expected to be approximately
$10.0 million, before deducting
underwriting discounts and other estimated offering expenses. In
addition, WidePoint has granted the underwriters a 30-day option to
purchase up to an aggregate of 1,034,483 additional shares of
common stock to cover over-allotments, if any. All of the shares in
the offering are to be sold by WidePoint. While the offering is
expected to close on October 28,
2014, the closing of the offering is subject to customary
closing conditions and therefore there can be no assurance as to
whether or when the offering will be completed.
WidePoint expects to use the net proceeds from the offering for
growth capital, general corporate purposes including the repayment
of debt, and M&A activities.
In connection with the offering, B. Riley & Co., LLC, is
acting as lead book-runner and Craig‑Hallum Capital Group LLC is
acting as co-manager.
Commenting on the offering, Steve
Komar, chairman & chief executive officer of WidePoint,
said, "We are very pleased with the level of investor interest in
WidePoint's equity offering, and the efforts of B. Riley and
Craig-Hallum on our behalf. The proceeds of this offering will
enable WidePoint to invest in exciting new market opportunities,
while paying down debt, strengthening our balance sheet, and
seeking synergistic business combinations."
A shelf registration statement (No. 333-193250) relating to the
shares of common stock to be issued in the offering has been filed
with the Securities and Exchange Commission (SEC). A preliminary
prospectus supplement and accompanying base prospectus relating to
the offering was filed with the SEC on October 22, 2014,
and the final prospectus supplement and accompanying base
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC's website located at www.sec.gov. In
addition, electronic copies of the final prospectus supplement and
accompanying prospectus, when available, may be obtained by
contacting the Compliance Department, B. Riley & Co., LLC,
11100 Santa Monica Blvd., Suite 800, Los
Angeles, California 90025 at (888) 295-0155 and at
compliance@brileyco.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor will there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale is not permitted.
About WidePoint
WidePoint (NYSE Mkt: WYY) is a leading provider of secure,
cloud-delivered, enterprise-wide information technology-based
solutions that can enable enterprises and agencies to deploy fully
compliant IT services in accordance with government-mandated
regulations and advanced system requirements. WidePoint has several
major government and commercial contracts. For more information,
visit www.widepoint.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act), including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of the company, its
directors or its officers with respect to, among other things: (i)
the company's financing plans; (ii) trends affecting the company's
financial condition or results of operations; (iii) the company's
growth strategy and operating strategy; (iv) anticipated revenues
for the third quarter ended September 30,
2014; and (v) the risk factors disclosed in the Company's
periodic reports filed with the SEC. The words "may," "would,"
"will," "expect," "estimate," "anticipate," "believe," "intend" and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors.
For More Information:
Jim McCubbin, EVP
& CFO
|
Brett Maas or David
Fore
|
WidePoint
Corporation
|
Hayden IR
|
7926 Jones Branch
Drive, Suite 520
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(646)
536-7331
|
McLean, VA
22102
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brett@haydenir.com
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(703)
349-2577
|
|
jmccubbin@widepoint.com
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SOURCE WidePoint Corporation