Online public relations company, Cision said it has sold about 8 million units of its shares via a direct sale to certain unnamed shareholders.
According to a statement issued by Jack Pearlstein, Chief Financial Officer, the company said it has started the commencement of a proposed underwritten public offering of 8,000,000 ordinary shares by certain selling shareholders.
The company made it clear that it is not “Selling any ordinary shares in the offering and will not receive any proceeds from the offering by the selling shareholders. In addition, the selling shareholders intend to grant the underwriters a 30-day option to purchase up to an additional 1,200,000 ordinary shares at the public offering price less the underwriter discount.
The company disclosed that J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are acting as joint book-running managers of the proposed offering and representatives of the underwriters.
Additional book-running managers are Credit Suisse and RBC Capital Markets. Barclays, Baird, BMO Capital Markets, Suntrust Robinson Humphrey and CJS Securities are acting as co-managers for the proposed offering.