NEW YORK, Aug. 12, 2020 /PRNewswire/ -- Shutterstock,
Inc. (NYSE: SSTK), a leading global technology company
offering a creative platform for high-quality content, tools and
services, today announced the pricing of its public offering of
2,580,000 shares of its common stock at a price to the public
of $48.50 per share. Shutterstock is selling
516,000 shares of common stock in this offering, and Jon
Oringer (Shutterstock's Founder, Executive Chairman of the
Board and largest stockholder) is selling 2,064,000 shares of
common stock in this offering. In addition, Mr. Oringer
granted the underwriters a 30-day option to purchase up to an
additional 387,000 shares of common stock. The offering is
expected to close on August 14, 2020,
subject to the satisfaction of customary closing
conditions.
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 are acting as joint book
running managers for this offering. Needham & Company and
Stifel are acting as lead managers, and Truist Securities and JMP
Securities are 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
final prospectus supplement 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 the expected closing of 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.