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MCLEAN, Va., July 25, 2014 /PRNewswire/ -- CYREN (NASDAQ: CYRN) announced earlier today the pricing of a registered direct offering of 4,771,796 shares and warrants to purchase 1,670,128 ordinary shares with certain institutional investors in combinations consisting of one ordinary share and one warrant to purchase 0.35 of an ordinary share at an offering price per fixed combination of $2.41. Each warrant will have an exercise price of $3.08 per share and will be exercisable following the six-month anniversary of the date of its issuance. CYREN will receive gross proceeds of $11.5 million before deducting placement agent fees and offering expenses (but excluding any proceeds to be received upon exercise of the warrants).
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
This press release contains forward-looking statements, including projections about our business, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. For example, statements in the future tense, and statements including words such as "expect," "plan," "estimate," "anticipate," or "believe" are forward-looking statements. These statements are based on information available to us at the time of the press release; we assume no obligation to update any of them. The statements in this press release are not guarantees of future performance and actual results could differ materially from our current expectations as a result of numerous factors, including business conditions and growth or deterioration in the internet security market, technological developments, products offered by competitors, availability of qualified staff, and technological difficulties and resource constraints encountered in developing new products, as well as those risks described in the company's Annual Reports on Form 20-F and reports on Form 6-K, which are available through www.sec.gov.
U.S. Investor Contact:
The Blueshirt Group
+1 212 871 3927
CYREN Company Contact:
Mike Myshrall, Interim CFO
+1 703 760 3320
CYREN Media Contact:
Zintel Public Relations
+1 281 444 1590
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