Sysorex Global Holdings Corp. (NASDAQ:SYRX) ("Sysorex" or the
"Company"), a technology solutions and services company, today announced
that it has priced its initial public offering of 3,333,333 shares of
common stock at an offering price of $6.00 per share, including 166,667
shares of common stock sold by a selling stockholder, which will result
in aggregate gross proceeds of approximately $20 million, including
gross proceeds of $930,000 to the selling stockholder. The net proceeds
from the offering to the Company, after deducting underwriting discounts
and commissions is expected to be approximately $17.7 million.
The Company has also granted the underwriters a 45 day option to
purchase up to an additional 500,000 shares of common stock to cover
over-allotments, if any. If the total over-allotment is exercised,
Sysorex expects the gross proceeds from the offering to be approximately
$23 million, including proceeds to the selling stockholder.
Subject to customary conditions, Sysorex expects to close the sale of
its common stock on or about April 15, 2014. In connection with the
offering, Sysorex completed a 1-for-2 reverse stock split effective as
of April 8, 2014. The Company's common stock will commence trading on
the NASDAQ Capital Market under the symbol "SYRX" on April 10, 2014.
Wellington Shields & Co., LLC and Dougherty & Company LLC are the
co-managing underwriters in connection with the offering.
The offering is being made pursuant to a prospectus that Sysorex filed
with the Securities and Exchange Commission. This announcement shall not
constitute an offer to sell or a solicitation of an offer to buy these
securities nor shall there be any offer or sale of these securities in
any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful. The offering will be made only by means of a
prospectus, copies of which may be obtained from: Wellington Shields &
Co., LLC 140 Broadway - 44th Floor New York, New York 10005
or Dougherty & Company LLC, 90 South Seventh Street Suite 4300
Minneapolis, MN 55402.
Through focused, custom technology solutions, Sysorex (NASDAQ:SYRX)
provides cyber security, data analytics, custom application development,
cloud solutions, Mobile/BYOD solutions and strategic outsourcing to
government and commercial clients in major industries around the world.
From identifying security risks to helping clients realize value from
their big data strategies, Sysorex has the experience, technology,
partners, and agility to be your trusted IT partner. Visit www.sysorex.com,
follow @SysorexGlobal and Like us on Facebook.
About Wellington Shields & Co
Wellington Shields & Co. LLC was formed in 2009 by combining H.G.
Wellington & Co. dating back to 1925 and Shields & Company founded in
1982. It is a New York Stock Exchange member firm providing full service
brokerage to institutions and high net worth individual and family
About Dougherty & Company
Dougherty & Company is a full-service investment-banking firm offering a
wide array of investment products and service to institutions and
individuals nationwide. In conjunction with its affiliates, Dougherty
Funding, Dougherty Mortgage and Dougherty Equipment Finance, Dougherty &
Company is uniquely positioned to meet the debt financing needs of a
wide variety of banking clients.
Safe Harbor Statement
All statements in this release that are not based on historical fact are
"forward looking statements". While management has based any forward
looking statements included in this release on its current expectations,
the information on which such expectations were based may change. These
forward looking statements rely on a number of assumptions concerning
future events and are subject to a number of risks, uncertainties and
other factors, many of which are outside of our control, which could
cause actual results to materially differ from such statements. Such
risks, uncertainties, and other factors include, but are not limited to,
the fluctuation of global economic conditions, the performance of
management and our employees, our ability to obtain financing,
competition, general economic conditions and other factors that are
detailed in our periodic reports. Furthermore, we operate in a highly
competitive and rapidly changing environment where new and unanticipated
risks may arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update or
revise forward-looking statements.
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