NEW YORK, Aug. 10, 2020 /PRNewswire/ -- Shutterstock,
Inc. (NYSE: SSTK), a leading global technology company
offering a creative platform for high-quality content, tools and
services, today announced that it has commenced a public offering
of $250,000,000 of shares of its
common stock, of which $200,000,000
of shares will be sold by Jon
Oringer (Shutterstock's founder, Executive Chairman of the
Board and largest stockholder) and $50,000,000 of shares will be sold by
Shutterstock. In addition, Mr. Oringer intends to grant the
underwriters a 30-day option to purchase up to an additional
$37,500,000 of shares of common
stock.
Shutterstock intends to use the proceeds that it receives
from the offering for general corporate
purposes. Shutterstock will not receive any of the
proceeds from the sale of shares sold by Mr. Oringer.
BofA Securities and Morgan Stanley will act as joint book
running managers for this offering. Needham & Company and
Stifel will be acting as lead managers, and Truist Securities and
JMP Securities will be acting as co-managers.
A shelf registration statement (including a prospectus) relating
to these securities was filed on August 10,
2020 with the Securities and Exchange Commission (the "SEC")
and became effective upon filing. Before you invest, you
should read the prospectus in that registration statement and the
documents incorporated by reference in that registration statement,
as well as the prospectus supplement related to this offering.
Copies of these documents are available at no charge on the
SEC's website at www.sec.gov. Alternatively, copies of the
prospectus supplement and the accompanying prospectus may be
obtained, when available, from: BofA Securities, NC1-004-03-43, 200
North College Street, 3rd floor, Charlotte, North
Carolina 28255-0001, Attention: Prospectus Department,
or e-mail dg.prospectus_requests@bofa.com, or Morgan Stanley &
Co. LLC, Attention: Prospectus Department, 180 Varick Street,
2nd Floor, New York, New
York 10014.
The offering of these securities is being made only by means of
a prospectus supplement and an accompanying prospectus. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Shutterstock, Inc.
Shutterstock, Inc., directly and through its group subsidiaries,
is a leading global provider of high-quality licensed photographs,
vectors, illustrations, videos and music to businesses, marketing
agencies and media organizations around the world. Working
with its growing community of over 1 million contributors,
Shutterstock adds hundreds of thousands of images each week, and
currently has more than 340 million images and more than 19 million
video clips available.
Headquartered in New York City, Shutterstock has offices
around the world and customers in more than 150 countries.
The company's brands also include Bigstock, a value-oriented
stock media offering; Shutterstock Custom, a custom content
creation platform; Offset, a high-end image collection;
PremiumBeat, a curated royalty-free music library; and Shutterstock
Editorial, a premier source of editorial images for the world's
media.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Examples of forward-looking statements include, but are
not limited to, statements regarding plans, expectations and
intentions with respect to the offering of our common stock.
You can identify forward-looking statements by words such as "may,"
"will," "would," "should," "could," "expect," "anticipate,"
"believe," "estimate," "intend," "plan" and other similar
expressions. However, not all forward-looking statements
contain these words. Such forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
including risks related to any changes to or the effects on
liabilities, financial condition, future capital expenditures,
revenue, expenses, net income or loss, synergies and future
prospects; our inability to continue to attract and retain
customers and contributors to our online marketplace for creative
content; competitive factors; our inability to innovate
technologically or develop, market and offer new products and
services; costs related to litigation or infringement claims,
indemnification claims and the inability to prevent misuse of our
content; our inability to increase market awareness of Shutterstock
and our products and services; our inability to effectively manage
our growth; our inability to grow at historic growth rates or at
all; technological interruptions that impair access to our
websites; assertions by third parties of infringement of
intellectual property rights by Shutterstock, our inability to
effectively manage risks associated with operating internationally;
our exposure to foreign exchange rate risk; our inability to
address risks associated with sales to large corporate customers;
government regulation of the internet; increasing regulation
related to the handling of personal data; actions by governments to
restrict access to our products and services; our inability to
effectively expand our operations into new products, services and
technologies; our inability to protect the confidential information
of customers; increased tax liabilities associated with our
worldwide operations, including our exposure to withholding, sales
and transaction tax liabilities; the effect of the Tax Cuts and
Jobs Act of 2017; public health crises including the COVID-19
pandemic; general economic and political conditions worldwide,
including disruption and volatility caused by COVID-19 and the
resulting economic contraction; our inability to successfully
integrate acquisitions and the associated technology and achieve
operational efficiencies; and other factors and risks discussed
under the caption "Risk Factors" in our most recent Annual Report
on Form 10-K, as well as in other documents that we may file
from time to time with the SEC. As a result of such
risks, uncertainties and factors, Shutterstock's actual results may
differ materially from any future results, performance or
achievements discussed in or implied by the forward-looking
statements contained herein. The forward-looking statements
contained in this press release are made only as of this date and
Shutterstock assumes no obligation to update the information
included in this press release or revise any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by law.
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SOURCE Shutterstock, Inc.