CARY, N.C., March 24, 2014 (GLOBE NEWSWIRE) -- SciQuest, Inc. (Nasdaq:SQI) announced today that it is commencing an underwritten public offering of 3,000,000 shares of common stock pursuant to an effective shelf registration statement. The last reported sale price of the Company's common stock on March 21, 2014 was $30.41 per share. The Company also intends to grant the underwriters an option to purchase up to 450,000 additional shares of common stock.
The Company expects to use the net proceeds from the offering for working capital and other general corporate purposes. J.P. Morgan Securities LLC and Stifel are acting as joint book-running managers for the offering. Canaccord Genuity Inc., JMP Securities LLC, Pacific Crest Securities LLC, Raymond James & Associates, Inc., William Blair & Company, L.L.C., Barrington Research Associates, Inc. and Sidoti & Company, LLC will be acting as co-managers.
The proposed offering is being made pursuant to an effective shelf registration statement, and only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained, when available, for free by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, NY 11717 or telephone: (866) 803-9204 or Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Dept., One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com.
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 registration or qualification under the securities laws of any such state or jurisdiction.
About SciQuest
SciQuest (Nasdaq:SQI) is the largest publicly held pure-play provider of cloud-based, business automation solutions for spend management - offering deep domain knowledge and a leading, customer-driven portfolio.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding our expectations regarding the completion and anticipated proceeds of the public offering. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Certain of these risks are discussed in "Part I, Item 1A, Risk Factors" and elsewhere in SciQuest's most recent Annual Report on Form 10-K and other reports, as filed with the SEC. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Also, forward-looking statements represent management's beliefs and assumptions only as of the date of this release. Except as required by law, SciQuest assumes no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. There can be no assurance that SciQuest will be able to complete the public offering on the anticipated terms, or at all.
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